Sec. 8240.201. 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, to finance the construction, maintenance, or operation of a project under Section 8240.101 or 8240.102.
(b) The district may not issue bonds or other obligations to finance projects authorized by Section 8240.102 unless the issuance is approved by a vote of a two-thirds majority of the district voters voting at an election held for that purpose.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8240.102 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. 1124 (H.B. 4017), Sec. 1, eff. September 1, 2007.
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