Texas Special District Local Laws Code 1024.201 – General Obligation Bonds
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Terms Used In Texas Special District Local Laws Code 1024.201
- 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 to:
(1) purchase, construct, acquire, repair, or renovate buildings or improvements;
(2) equip buildings or improvements for hospital purposes; or
(3) acquire and operate a mobile emergency medical service.