Texas Special District Local Laws Code 3902.254 – Development Agreement, Capital Improvement Plan, and Financial Plan Required
(a) Before the district borrows money or issues an obligation under § 3902.253, the district must submit and the governing body of the city must approve a capital improvement plan, a financial plan, and a development agreement that describe the method of:
(1) borrowing the money or issuing that type of obligation; and
(2) using the proceeds that result from borrowing the money or issuing the obligation.
(b) Before the district issues an obligation described in the capital improvement plan, financial plan, and development agreement, the district shall:
(1) provide the governing body of the city with the information required to make an informed decision relating to the obligation; and
(2) obtain approval from the governing body of the city for the obligation.
Terms Used In Texas Special District Local Laws Code 3902.254
- 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.