Tex. Spec. Dist. Local Laws Code § 3980.0503 · Subchapter E. TAXES AND BONDS
AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
(c) The principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.
(d) The outstanding principal amount of bonds secured by contract payments meeting the requirements of Section 3980.0504(2) issued by the district in the aggregate may not exceed an amount equal to 10 percent of the assessed value of all real property in all districts making payments under the contract.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 556 (H.B. 4683), Sec. 1, eff. June 10, 2019.
Amended by:
Acts 2025, 89th Leg., R.S., Ch. 705 (S.B. 3053), Sec. 1, eff. June 20, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3980.htm
- Text hash
- sha256 3a9d3dd9d44a5944944e96a1a1924dbe69ad8a37738fb0ae6aab3720d9ba0c60
- 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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Special District Local Laws Code
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