Texas Special District Local Laws Code - SDLL § 8199.203. Bonds for Road Projects
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(a) At the time of issuance, the total principal amount of bonds or other obligations issued or incurred to finance road projects and payable from ad valorem taxes may not exceed one-fourth of the assessed value of the real property in the district.
(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 district voters voting at an election held for that purpose.
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8199.203. Bonds for Road Projects - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8199-203.html
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