Sec. 7805.155. BOND ANTICIPATION NOTES. (a) In addition to all other methods of acquiring funds for district purposes, the district may issue bond anticipation notes for any purpose for which district bonds have been voted or may be issued to refund outstanding bond anticipation notes and the interest on the notes being refunded.
(b) The notes may bear interest at any rate not to exceed the maximum interest rate applicable to the district's authorized bonds.
(c) The notes shall mature within one year of the date on which they are issued.
(d) The maximum amount of the notes outstanding at any one time may not exceed $500,000 without the prior consent of the City of Irving, Texas.
(e) The district shall pay the notes only from the proceeds of the sale of bonds by the district.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.02, eff. April 1, 2015.
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