Sec. 3926.253. BORROWING MONEY; OBLIGATIONS. (a) Subject to the terms of the development and operating agreement required under Section 3926.156, 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.
Added by Acts 2015, 84th Leg., R.S., Ch. 977 (H.B. 3603), Sec. 1, eff. September 1, 2015.
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