Tex. Spec. Dist. Local Laws Code § 3947.203 · Subchapter E. GENERAL FINANCIAL PROVISIONS; ASSESSMENTS
BORROWING MONEY; OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The district may borrow money for a district purpose, including the acquisition or construction of improvement projects authorized by this chapter and the reimbursement of a person who develops or owns an improvement project authorized by this chapter, by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, revenue from a zone created under Chapter 311 or 312, Tax Code, other district revenue, or a combination of these sources.
(b) An obligation described by Subsection (a):
(1) may bear interest at a rate determined by the board; and
(2) may include a term or condition as determined by the board.
(c) The board may issue an obligation under this section without an election.
(d) The district may issue, by public or private sale, bonds, notes, or other obligations payable wholly or partly from assessments in the manner provided by Subchapter J, Chapter 375, Local Government Code.
(e) If the improvements financed by an obligation will be conveyed to or operated and maintained by a municipality or retail utility provider pursuant to an agreement between the district and the municipality or retail utility provider entered into before the issuance of the obligation, the obligation may be issued in the manner provided by Subchapter A, Chapter 372, Local Government Code.
Notes and commentary — not statutory text
History
Added by Acts 2017, 85th Leg., R.S., Ch. 656 (S.B. 2244), Sec. 1, eff. June 12, 2017.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3947.htm
- Text hash
- sha256 c3e4e7e68fbc1a7df0fd8237e58d226a8cd3786b3e6ea9b95767fff47b879c0b
- 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
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Special District Local Laws Code
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