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(a) The district may issue bonds or other obligations payable in whole or in part from ad valorem taxes, assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.
(b) In exercising the district's borrowing power, the district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.
(c) Except as provided by Subsection (d), the district must obtain the approval of the City of Houston:
(1) for the issuance of a bond for each improvement project;
(2) of the plans and specifications of the improvement project to be financed by the bond; and
(3) of the plans and specifications of a district improvement project related to:
(A) the use of land owned by the City of Houston;
(B) an easement granted by the City of Houston; or
(C) a right-of-way of a street, road, or highway.
(d) If the district obtains the approval of the City of Houston of a capital improvements budget for a specified period not to exceed five years, the district may finance the capital improvements and issue bonds specified in the budget without further approval from the City of Houston.
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 3811.158. Obligations; Approval by City of Houston - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-3811-158/
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