Texas Special District Local Laws Code - SDLL § 3867.204. Authority to Borrow Money and to Issue Bonds and Other Obligations
Current as of April 14, 2021 | Updated by FindLaw Staff
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(a) The district may borrow money on terms determined by the board. Section 375.205, Local Government Code, does not apply to a loan, line of credit, or other borrowing from a bank or financial institution secured by revenue other than ad valorem taxes.
(b) The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, impact fees, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.
If the defendant shall not appear and plead to the action, in pursuance of notice, the court, as in other cases, shall give judgment against him by default, and award a writ of inquiry if necessary; but on such judgment by default, unless granted on the service of summons executed in this state, no execution shall issue except against the property on which the attachment has been served, or against a garnishee who shall have money or property in his hands belonging to the defendant.
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 3867.204. Authority to Borrow Money and to Issue Bonds and Other Obligations - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-3867-204.html
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