Texas Special District Local Laws Code 3911.253 – General Powers Regarding Payment of District Bonds, Obligations, or Other Costs
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Terms Used In Texas Special District Local Laws Code 3911.253
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
The district may provide or secure the payment or repayment of any bond, note, or other temporary or permanent obligation or reimbursement or other contract with any person and the costs and expenses of the establishment, administration, and operation of the district and the district’s costs or share of the costs or revenue of an improvement project or district contractual obligation or debt by:
(1) the imposition of a tax or an assessment, user fee, or rental charge;
(2) a lease, installment purchase contract, or other agreement; or
(3) any other revenue or resources of the district or other revenue authorized by the city, including revenue from a tax increment reinvestment zone created by the city.