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Section 5018.0153. Authority to Borrow Money, Accept Grants, and Issue Associated Bonds

TX Spec Dist Code § 5018.0153 (2019) (N/A)
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Text of section effective on April 01, 2021

Sec. 5018.0153. AUTHORITY TO BORROW MONEY, ACCEPT GRANTS, AND ISSUE ASSOCIATED BONDS. (a) The district may:

(1) borrow money for any purpose that is provided by:

(A) this chapter; or

(B) the general laws relating to navigation districts;

(2) borrow money or accept a grant from the United States or from a corporation or agency created or designated by the United States and, in connection with the loan or grant, enter into any agreement the United States or the corporation or agency requires; and

(3) make and issue bonds for money borrowed, in the manner and to the extent provided by this chapter.

(b) The district may make and issue bonds under Subsection (a)(3) that are:

(1) revenue bonds;

(2) tax bonds; or

(3) combination tax-revenue bonds.

Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.01, eff. April 1, 2021.

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