Tex. Special District Local Laws Code § 3926.253
BORROWING MONEY; OBLIGATIONS
Texas · Texas Special District Local Laws Code · Status: effective
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- Citation
- Tex. Special District Local Laws Code § 3926.253, BORROWING MONEY; OBLIGATIONS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/598255
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Full text
(a) Subject to the terms of the development and operating agreement required under Section 3926.156, the district may borrow money for a district purpose, including the acquisition or construction of improvement projects authorized by this chapter and the reimbursement of a person who develops or owns an improvement project authorized by this chapter, by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, revenue from a zone created under Chapter 311 or 312, Tax Code, other district revenue, or a combination of these sources.
(b) An obligation described by Subsection (a):
(1) may bear interest at a rate determined by the board; and
(2) may include a term or condition as determined by the board.
(c) The board may issue an obligation under this section without an election.