Texas Special District Local Laws Code 3985.0506 – Bonds and Other Obligations for Improvement Under Agreement
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Terms Used In Texas Special District Local Laws Code 3985.0506
- 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.
If the improvements financed by an obligation will be constructed or financed pursuant to the imposition of assessments:
(1) the district must enter into an agreement with the city before the issuance of the obligation; and
(2) the obligation may be in the form of bonds, notes, or other obligations, payable wholly or partly from assessments, issued by public or private sale, in the manner provided by Subchapter A, Chapter 372, Local Government Code.