Sec. 7811.202. AUTHORITY TO ISSUE BONDS AND INCUR INDEBTEDNESS. (a) The district may issue bonds and incur other indebtedness in the manner provided by Section 7803.113 and Subchapter E, Chapter 7803.
(b) The district shall file with both constituent municipalities a notice of intent to issue bonds or other indebtedness not later than the 20th day before the date of issuance. The notice must state the purpose for which the bonds or other indebtedness are issued and the approximate principal amount of the bonds or indebtedness.
(c) Before the district issues bonds or other indebtedness in an amount of more than $500,000, the district must obtain the approval by resolution of the governing bodies of both constituent municipalities.
(d) Bonds or other indebtedness may not be sold at discount from the principal amount without the prior approval of both constituent municipalities.
Added by Acts 2017, 85th Leg., R.S., Ch. 869 (H.B. 2803), Sec. 1.03, eff. April 1, 2019.
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