Text of section effective on April 01, 2021
Sec. 9078.0152. AUTHORITY TO ISSUE BONDS. (a) The district may issue bonds to:
(1) furnish land, easements, or permanent improvements to land or easements;
(2) provide dams, structures, projects, and works of improvement for flood prevention, including structural and land treatment measures, and for agricultural phases of the conservation, development, use, and disposal of water, and for necessary facilities and equipment in connection therewith and for the improvement, maintenance, and repair of the same; and
(3) exercise any other district power.
(b) Except as otherwise provided by this chapter, district bonds must be authorized by a board resolution.
(c) District bonds may be secured by and payable wholly from:
(1) ad valorem taxes;
(2) net operating revenues of the district, the net revenues of any contract made, or other revenues as specified in the resolution authorizing the issuance of the bonds; or
(3) any combination of ad valorem taxes and net revenues as determined by the board.
(d) In a resolution authorizing the issuance of bonds secured wholly or partly by district revenues, the board may reserve the right under conditions specified in the resolution to issue additional bonds on a parity with or subordinate to the bonds being issued.
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.05, eff. April 1, 2021.
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