Texas Special District Local Laws Code 1004.253 – 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 in an election held for that purpose.
(b) The board may order a bond election. The order calling the election must specify:
(1) the nature and date of the election;
(2) the hours during which the polls will be open;
(3) the location of polling places;
(4) the amounts of the bonds to be authorized; and
(5) the maximum maturity of the bonds.
Terms Used In Texas Special District Local Laws Code 1004.253
- 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.
(c) Notice of a bond election must be given as provided by Chapter 1251, Government Code.
(d) The board shall declare the results of the election.