Sec. 8123.151. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may issue bonds in accordance with Chapters 49 and 54, Water Code, and to finance the construction, operation, or maintenance of a project under Section 8123.102.
(b) District bonds or other obligations are payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, other district money, or any combination of those sources of money.
(c) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 8123.102 unless the issuance is approved by a vote of a two-thirds majority of district voters voting at an election called for that purpose.
(d) Bonds or other obligations issued or incurred to finance projects authorized by Section 8123.102 may not exceed one-fourth of the assessed value of the real property in the district.
Added by Acts 2005, 79th Leg., Ch. 902 (S.B. 1881), Sec. 1, eff. June 17, 2005.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1349 (S.B. 2054), Sec. 3, eff. June 15, 2007.
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