Texas Special District Local Laws Code 3846.254 – Preliminary Financing Plan Required
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Terms Used In Texas Special District Local Laws Code 3846.254
- 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.
Before designating a development zone, the board must prepare a preliminary financing plan for the zone that includes:
(1) estimated project costs, including administrative expenses;
(2) a description of the kind, number, and location of all proposed improvement projects in the zone;
(3) the estimated amount of:
(A) bonded indebtedness to be incurred; or
(B) the financial obligation of any other contractual obligation to be incurred;
(4) a description of the methods of financing and expected sources of revenue to pay for the costs of proposed improvement projects; and
(5) the projected duration of the zone.