Texas Special District Local Laws Code 1035.251 – General Obligation Bonds
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Terms Used In Texas Special District Local Laws Code 1035.251
- 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.
The board may issue and sell general obligation bonds authorized by an election in the name and on the faith and credit of the district for any purpose relating to:
(1) the purchase, construction, acquisition, repair, or renovation of buildings or improvements; and
(2) equipping buildings or improvements for hospital purposes.