Texas Special District Local Laws Code 1118.203 – Bond Election
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(a) The board may issue general obligation bonds only if the bonds are authorized by a majority of 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 1118.203
- 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 an election must include:
(1) the time of the election;
(2) the location of the polling places;
(3) the form of the ballot;
(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 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.