Texas Special District Local Laws Code 1055.201 – General Obligation Bonds and Other Financial Arrangements
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Special District Local Laws Code 1055.201
- 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, secure long-term loans, or make other financial arrangements as district obligations in the name and on the faith and credit of the district. The money shall be used for any purpose relating to:
(1) the purchase, construction, acquisition, repair, or renovation of buildings or improvements;
(2) equipping buildings or improvements for hospital purposes; and
(3) the operation of the district.