Sec. 8151.201. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, or other district money, to finance any district purpose.
(b) The district may not issue bonds under Subsection (a) unless the issuance is approved by a vote of a two-thirds majority of the voters of the district voting at an election called for that purpose.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8151.102 may not exceed one-fourth of the assessed value of the real property in the district.
(d) Sections 49.181 and 49.182, Water Code, do not apply to a project undertaken by the district under Section 8151.102 or to bonds issued by the district to finance the project.
Added by Acts 2005, 79th Leg., Ch. 461 (S.B. 1882), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1370 (H.B. 3980), Sec. 4, eff. June 15, 2007.
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