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Section 1055.203. Election for General Obligation Bonds or Other Financial Arrangements

TX Spec Dist Code § 1055.203 (2019) (N/A)
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Sec. 1055.203. ELECTION FOR GENERAL OBLIGATION BONDS OR OTHER FINANCIAL ARRANGEMENTS. (a) The district may issue general obligation bonds or make other financial arrangements secured by tax revenue only if authorized by a majority of the district voters voting at an election held for that purpose.

(b) The board may order the election on its own motion.

(c) The order calling the election must specify:

(1) the date of the election;

(2) the location of the polling places;

(3) the presiding election officers;

(4) the purpose for which the bonds are to be issued or the financial arrangements made;

(5) the amount of the bonds or other financial arrangements to be authorized;

(6) the maximum interest rate for the bonds or other financial arrangements; and

(7) the maximum maturity of the bonds.

(d) Notice of an election under this section shall be given by publishing a substantial copy of the order calling the election in a newspaper of general circulation in Marion County once a week for two consecutive weeks before the date of the election. The first publication must occur at least 14 days before the date of the election.

Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

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