Sec. 58.472. ISSUANCE OF ADDITIONAL BONDS OR CREATION OF ADDITIONAL INDEBTEDNESS UNDER CERTAIN CONDITIONS. (a) A district may issue additional bonds or create additional indebtedness:
(1) if works, improvements, and facilities constructed under a plan provided in Section 58.440 or 58.452 of this code are inadequate to accomplish the beneficial results which the district's location and conditions demand;
(2) if it is considered necessary to make repairs, replacements, or additions to the district's improvements which cost more than $25,000; or
(3) if additional money is needed to complete the improvements as planned.
(b) The district shall provide the additional money for the particular purpose in accordance with the provisions of this chapter regulating the creation of bond obligations subject to every limitation with respect to the original proceedings and the substantial protection of the substantive rights of holders of any of the district's outstanding obligations.
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977.Section: Previous 58.464 58.466 58.467 58.468 58.469 58.470 58.471 58.472 58.473 58.474 58.475 58.476 58.477 58.478 58.479 Next
Last modified: September 28, 2016