Texas Special District Local Laws Code 3981.0503 – 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 issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, 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 3981.0503
- Contract: A legal written agreement that becomes binding when signed.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) The principal amount of bonds issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.