Texas Special District Local Laws Code 1114.203 – 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 district voters voting at an election held for that purpose.
(b) The order calling the election must specify:
(1) the date of the election;
(2) the location of the polling places;
(3) the amount of the bonds to be authorized;
(4) the maximum interest rate of the bonds; and
(5) the maximum maturity of the bonds.
Terms Used In Texas Special District Local Laws Code 1114.203
- 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.
(c) Notice of a bond election shall be given as provided by Section 1251.003, Government Code.