Tex. Spec. Dist. Local Laws Code § 3840.158 · Subchapter D. FINANCIAL PROVISIONS
BONDS AND OTHER OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The district may issue by competitive bid or negotiated sale bonds or other obligations payable wholly or partly from taxes, assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.
(b) The district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.
(c) The term of a bond issued under this chapter may not exceed 40 years from the date of issuance.
(d) 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.
(e) The limitation on the outstanding principal amount of bonds, notes, and other obligations provided by Section 49.4645, Water Code, does not apply to the district.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 1344 (S.B. 1984), Sec. 1, eff. June 15, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3840.htm
- Text hash
- sha256 f6b029d4e4a02d7e073d8446855a6eda8f2e06cb3221179c838a084c0310bd5d
- 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
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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.