Sec. 1474.101. LIMIT ON DEBT. (a) If a county contains one or more districts organized under Section 52, Article III, or Section 59, Article XVI, Texas Constitution, the ratio of the debt of a district to the assessed value of real property in the district, expressed as a percentage, together with the ratio of the proposed county debt to the assessed value of real property in the county, expressed as a percentage, may not exceed one-fourth of the assessed value of real property in the county or in the district.
(b) The assessed value of real property in a county or in a district is computed according to the most recent appraisal roll of the county or district, as appropriate.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle I - Specific Authority for Counties to Issue Securities
Chapter 1474 - Bonds for County Water Improvements
Subchapter C. Limitations and Procedures
Section 1474.101. Limit on Debt
Section 1474.102. Court Action to Determine Validity of Bonds
Section 1474.103. Form of Bonds and Notes; Signatures; Registration by County Clerk
Section 1474.104. Exchanging Bonds for Property or Work
Section 1474.105. Sale or Exchange of Bonds and Notes; Delivery of Proceeds