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Texas Special District Local Laws Code - SDLL § 8515.0505. Bond Election;  Notice

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as provided by Subsection (d), the authority may not issue bonds unless a majority of voters voting at an election held in the authority approve the issuance of the bonds.

(b) Before issuing bonds, the board must order an election and provide notice in accordance with this section.

(c) Notice of the election must be given by:

(1) posting a copy of the notice in at least three public places in the authority at least 14 days before the election date;  and

(2) publishing a copy of the notice in a newspaper of general circulation in the authority at least once a week for two consecutive weeks, the first of which must be published at least 14 days before the election date.

(d) An election to authorize the issuance of bonds is not required if the bonds are payable from the revenue of an authority system or facility and the board determines that:

(1) the proceeds of the bonds will provide less than $2 million for the purpose of acquiring land or acquiring or constructing the facility, not including the cost of issuing the bonds, interest during construction, and any initial deposit from the proceeds to a reserve fund;  and

(2) the bond proceeds will be used:

(A) to acquire land or an interest in land and to construct or acquire a new facility in the nature of a new project or undertaking for the authority, provided that only one series of bonds may be issued to provide for a new project or undertaking for the authority unless additional bonds are approved by a majority of voters voting at an election;

(B) to provide money for repairs, expansion, and improvement of existing authority facilities;  or

(C) to provide for the completion of the construction of a project for which the authority has previously issued bonds approved at an election.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8515.0505. Bond Election;  Notice - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8515-0505/

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