AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS FOR ROAD PROJECTS.
Tex. SPEC. DIST. LOCAL LAWS Code § 8198.151.
in effect(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 Section 8198.051 .
(b) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 8198.051 unless the issuance is approved by a vote of a two-thirds majority of the voters in the district or of the defined areas to be benefited by the project as provided by Subchapter J , Chapter 54 , Water Code, voting at an election called for that purpose.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8198.051 may not exceed one-fourth of the assessed value of the real property in the district or the defined area as provided by Subchapter J , Chapter 54 , Water Code.
Added by Acts 2007, 80th Leg., R.S., Ch. 469 (H.B. 1401 ), Sec. 1, eff. September 1, 2007.