Tex. Spec. Dist. Local Laws Code § 3001.152 · Subchapter D. FINANCES AND OBLIGATIONS
OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The district may issue any type of obligation for any district purpose. An obligation may be issued under Chapter 1371, Government Code.
(b) When authorizing the issuance of an obligation, the district may also authorize the later issuance of a parity or subordinate lien obligation.
(c) A district obligation must:
(1) mature not later than the 40th anniversary of the date of issuance; and
(2) state on its face that the obligation is not a state obligation.
(d) A district obligation may be payable from or secured by:
(1) any source of money, including district revenue, loans, or assessments; or
(2) a lien, pledge, mortgage, or other security interest on district revenue or property.
(e) The district may use obligation proceeds for any purpose, including to pay:
(1) into a reserve fund for debt service;
(2) for the repair or replacement of property, including buildings and equipment;
(3) interest on obligations; or
(4) for the operation of a sugar mill or other agricultural enterprise.
(f) The district may contract with an obligation holder to impose an assessment to pay for the operation of a sugar mill or other agricultural enterprise.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3001.htm
- Text hash
- sha256 29161c3ecb2b7abf6340c551d94474f4d0ad4d5980ffb6358eb7c4004b98ad49
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.