Sec. 9003.153. ISSUANCE OF BONDS. (a) To accomplish district purposes, the board may borrow money and issue bonds in the manner provided by general law.
(b) In the resolution authorizing the bonds, the district may set aside an amount from the bond proceeds for:
(1) the payment of interest expected to accrue during construction; and
(2) a reserve interest and sinking fund.
(c) Bond proceeds may be used to pay all expenses necessarily incurred in accomplishing district purposes, including the expenses of issuing and selling the bonds.
(d) Pending the use of bond proceeds for the purpose for which the bonds were issued, the board may invest the proceeds in obligations of or guaranteed by the United States.
(e) Bonds payable wholly from the district's net revenue, from the proceeds of any water contracts, or from any source other than ad valorem taxes may be issued pursuant to a board resolution without a hearing or election. The resolution must be authorized by unanimous vote of all directors.
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
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