(a) The district may issue bonds or other obligations payable wholly or partly from
ad valorem taxes, impact fees, revenue, contract payments, grants, or other district
money, or any combination of those sources, to pay for a road project authorized by
(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.
(c) 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 real property in the district.
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