Sec. 3869.160. PROJECT DEVELOPMENT AGREEMENT REQUIRED TO UNDERTAKE PROJECTS, IMPOSE TAXES, OR BORROW MONEY, INCLUDING BONDS. (a) Before the district may undertake projects, issue bonds, impose taxes, or borrow money, the district and the city must negotiate and execute a mutually approved and accepted project development agreement regarding the development plans and rules for:
(1) the development and operation of the district; and
(2) the financing of improvement projects.
(b) The agreement must:
(1) describe each project the district intends to undertake;
(2) include a financing plan specifying how each project will be financed; and
(3) provide a procedure and rules for amending the agreement.
Added by Acts 2009, 81st Leg., R.S., Ch. 888 (S.B. 2550), Sec. 1, eff. June 19, 2009.
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