Texas Special District Local Laws Code 1116.203 – Bond Election
Current as of: 2024 | Check for updates
|
Other versions
(a) The board may issue bonds under Section 1116.201 only if the bonds are authorized by a majority of the district voters voting in an election held for that purpose.
(b) The board may order a bond election at any time.
Terms Used In Texas Special District Local Laws Code 1116.203
- 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 an 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 issued;
(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 at least 14 days 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.