Sec. 8255.101. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS FOR ROAD PROJECTS. (a) The district may issue bonds or other obligations payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, or other district money, or any combination of those sources, to pay for road projects under Section 8255.052.
(b) The district may not issue bonds payable from ad valorem taxes to finance a road project 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) The total principal amount of bonds, notes, or other obligations issued or incurred to finance road projects may not exceed one-fourth of the assessed value of the real property in the district according to the most recent certified appraisal roll for Harris County.
Added by Acts 2007, 80th Leg., R.S., Ch. 1125 (H.B. 4018), Sec. 1, eff. June 15, 2007.
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