Sec. 8197.151. 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, to finance the construction, maintenance, or operation of projects under Sections 8197.051 and 8197.052.
(b) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxes to finance projects authorized by Section 8197.052 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 8197.052 may not exceed one-fourth of the assessed value of the real property in the district.
Added by Acts 2007, 80th Leg., R.S., Ch. 545 (S.B. 1205), Sec. 1, eff. September 1, 2007.
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