Texas Special District Local Laws Code 3853.157 – Bonds and Other Obligations
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(a) The district may issue bonds or other obligations, by competitive bid or negotiated sale, payable wholly or partly from sales and use 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 3853.157
- 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) § 375.243, Local Government Code, does not apply to the district.