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Section 3854.209. Approval of Bonds

TX Spec Dist Code § 3854.209 (2019) (N/A)
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Sec. 3854.209. APPROVAL OF BONDS. (a) No approval is required for bonds issued by the district other than:

(1) the approval of the attorney general as provided by Section 375.205, Local Government Code; and

(2) the approval of the Texas Commission on Environmental Quality if the bonds are issued for a purpose that Section 375.208, Local Government Code, requires to be approved by the commission.

(b) Except as provided by Subsection (c), the district may not issue bonds payable from an ad valorem tax imposed over the entire district in an amount more than the greater of:

(1) $50 million; or

(2) 10 percent of the assessed value of the taxable property in the entire district as shown on the most recent certified tax rolls of the county central appraisal district.

(c) If the Texas Commission on Environmental Quality approves the feasibility of district bonds described by Subsection (b), the limit on the amount of bonds to be issued is the amount set by the commission.

(d) Subsection (b) does not limit the district's authority to issue bonds that are not payable from ad valorem taxes imposed over the entire district.

Added by Acts 2009, 81st Leg., R.S., Ch. 1139 (H.B. 2619), Sec. 1.02, eff. April 1, 2011.

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