Sec. 57.177. FINANCING THE DISTRICT WITHOUT BONDS. (a) If the district wants to carry out its purposes without issuing bonds, the board may arrange for contributions from landowners or other sources to provide the funds required to complete the improvements.
(b) The electors of the district may vote to create an indebtedness which is not evidenced by bonds.
(c) If the district creates an indebtedness under this section, the indebtedness may not be more than:
(1) the cost of construction of the improvements included in the engineer's report;
(2) the cost of maintaining the improvements for two years; and
(3) an additional amount equal to 10 percent to meet emergencies, modifications, and changes lawfully made, plus damages awarded against the district.
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971. Amended by Acts 1981, 67th Leg., p. 983, ch. 367, Sec. 36, eff. June 10, 1981; Acts 2003, 78th Leg., ch. 248, Sec. 43, eff. June 18, 2003.
Last modified: September 28, 2016