Sec. 3980.0503. AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS. (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 issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.

Added by Acts 2019, 86th Leg., R.S., Ch. 556 (H.B. 4683), Sec. 1, eff. June 10, 2019.