(a) The board may issue bonds under Section 1049.201 only if the bonds are authorized by a majority of district voters voting in an election held for that purpose. The total face value of the bonds may not exceed the amount specified in the election order.
(b) The board may order a bond election at any time.

Terms Used In Texas Special District Local Laws Code 1049.203

  • 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
  • Week: means seven consecutive days. See Texas Government Code 311.005

(c) The order calling the election must include:
(1) the time of the election;
(2) the location of the polling places;
(3) the form of the ballots;
(4) the presiding judge for each polling place;
(5) the purpose of the bond issuance;
(6) the amount of the bonds to be authorized;
(7) the maximum interest rate of the bonds; and
(8) the maximum maturity date of the bonds.
(d) A substantial copy of the election order shall be published in a newspaper of general circulation in the district once a week for two consecutive weeks before the date of the election. The first notice must be published not later than the 15th day before the date of the election.
(e) A copy of the election results must be filed with the county clerk and become a public record.

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