Sec. 9067.101. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS FOR ROAD PROJECTS. (a) The district may issue bonds or other obligations payable wholly or partly from ad valorem taxes, impact fees, revenue, contract payments, grants, or other district money, or any combination of those sources, to pay for a project authorized by Section 9067.053 or 9067.055.
(b) The district may not issue bonds payable from ad valorem taxes to finance a road project unless the issuance is approved by a vote of a two-thirds majority of the district voters voting at an election held for that purpose.
(c) At the time of issuance, the total principal amount of bonds or other obligations issued or incurred to finance road projects and payable from ad valorem taxes may not exceed one-fourth of the assessed value of real property in the district.
Added by Acts 2015, 84th Leg., R.S., Ch. 443 (H.B. 3220), Sec. 1, eff. June 15, 2015.
Section: Previous 9067.001 9067.002 9067.051 9067.052 9067.053 9067.054 9067.055 9067.101Last modified: September 28, 2016