Texas Special District Local Laws Code 1003.203 – General Obligation Bond Election
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(a) The district may issue general obligation bonds only if the bonds are authorized by a majority of the voters voting at an election held for that purpose.
(b) The board may call an election on its own motion and must specify:
(1) the place or places where the election will be held;
(2) the presiding election officers;
(3) the purpose for which the bonds are to be issued;
(4) the amount of the bonds;
(5) the maximum interest rate of the bonds; and
(6) the maximum maturity of the bonds, which may not exceed 40 years from the date of issuance.
Terms Used In Texas Special District Local Laws Code 1003.203
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Week: means seven consecutive days. See Texas Government Code 311.005
(c) Notice of a bond election shall be given by publishing a substantial copy of the order calling the election in a newspaper of general circulation in the district once a week for two consecutive weeks before the date of the election. The first publication must occur not later than the 21st day before the date set for the election.
(d) The district shall pay the costs of the election.