Texas Special District Local Laws Code 3840.158 – Bonds and Other Obligations
Current as of: 2024 | Check for updates
|
Other versions
(a) The district may issue by competitive bid or negotiated sale bonds or other obligations payable wholly or partly from taxes, assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.
(b) The district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.
Terms Used In Texas Special District Local Laws Code 3840.158
- 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) The term of a bond issued under this chapter may not exceed 40 years from the date of issuance.
(d) In addition to any other terms authorized by the board by bond order or resolution, the proceeds of the district’s bonds may be used for a reserve fund, credit enhancement, or capitalized interest for the bonds.
(e) The limitation on the outstanding principal amount of bonds, notes, and other obligations provided by § 49.4645, Water Code, does not apply to the district.