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Texas Special District Local Laws Code - SDLL § 9011.251. Authority to Issue Bonds

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

(a) The district may issue bonds to carry out any purpose of this chapter and to:

(1) provide a water system, as authorized by this chapter, for municipal, domestic, and industrial purposes;

(2) pay fees of an attorney, engineer, or fiscal agent;

(3) pay the cost of printing and issuing bonds; and

(4) exercise any other power conferred by this chapter.

(b) The bonds must be authorized by a board resolution.

(c) Bonds issued by the district must be payable by a pledge of:

(1) revenue;

(2) ad valorem taxes imposed on all taxable property in the district; or

(3) both revenue and ad valorem taxes.

(d) The pledge must be in a resolution or trust indenture adopted or authorized by the board.

(e) A bond issuance payable wholly or partly from ad valorem taxes is subject to the conditions prescribed by this subchapter.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 9011.251. Authority to Issue Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-9011-251/

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