Texas Special District Local Laws Code 1055.203 – Election for General Obligation Bonds or Other Financial Arrangements
Current as of: 2024 | Check for updates
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(a) The district may issue general obligation bonds or make other financial arrangements secured by tax revenue only if authorized by a majority of the district voters voting at an election held for that purpose.
(b) The board may order the election on its own motion.
Terms Used In Texas Special District Local Laws Code 1055.203
- 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
- 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.
- Week: means seven consecutive days. See Texas Government Code 311.005
(c) The order calling the election must specify:
(1) the date of the election;
(2) the location of the polling places;
(3) the presiding election officers;
(4) the purpose for which the bonds are to be issued or the financial arrangements made;
(5) the amount of the bonds or other financial arrangements to be authorized;
(6) the maximum interest rate for the bonds or other financial arrangements; and
(7) the maximum maturity of the bonds.
(d) Notice of an election under this section shall be given by publishing a substantial copy of the order calling the election in a newspaper of general circulation in Marion County once a week for two consecutive weeks before the date of the election. The first publication must occur at least 14 days before the date of the election.