Tex. Special District Local Laws Code § 3981.0503
AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS
Texas · Texas Special District Local Laws Code · Status: effective
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- Citation
- Tex. Special District Local Laws Code § 3981.0503, AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/600609
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Full text
(a) The district may borrow money on terms determined by the board.
(b) The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.
(c) The principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.
(d) The outstanding principal amount of bonds secured by contract payments meeting the requirements of Section 3981.0504(2) issued by the district in the aggregate may not exceed an amount equal to 10 percent of the assessed value of all real property in all districts making payments under the contract.