Texas Special District Local Laws Code 3916.211 – Authority to Borrow Money and to Issue Bonds and Other Obligations
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(a) The district may borrow money on terms determined by the board.
(b) The district may by competitive bid or negotiated sale issue bonds, notes, or other obligations payable wholly or partly from taxes, including ad valorem taxes, or assessments, fees, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.
Terms Used In Texas Special District Local Laws Code 3916.211
- Contract: A legal written agreement that becomes binding when signed.
(c) 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.
(d) 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.