Sec. 15.981. CERTAIN OBLIGATIONS RESTRICTED. An eligible political subdivision may not sell or incur obligations to fund an economic development program established under authority granted by Section 15.980 that are payable in whole or in part from ad valorem taxes unless the residents of the political subdivision, voting at an election held for the purpose, approve the issuance of obligations to fund an economic development program for the provision of loans or grants to persons to construct projects that will conserve and develop the water resources of the political subdivision for the ultimate benefit of the public and assist in developing and diversifying the local economy.
Added by Acts 2001, 77th Leg., ch. 966, Sec. 4.01, eff. Sept. 1, 2001. Renumbered from Water Code Sec. 15.911 and amended by Acts 2003, 78th Leg., ch. 1275, Sec. 2(142), 3(44), eff. Sept. 1, 2003.
Structure Texas Statutes
Title 2 - Water Administration
Subtitle C - Water Development
Chapter 15 - Texas Water Assistance Program
Subchapter Q. Water Infrastructure Fund
Section 15.973. Water Infrastructure Fund
Section 15.974. Use of Water Infrastructure Fund
Section 15.975. Approval of Applications
Section 15.9751. Priority for Water Conservation
Section 15.976. Applicable Law
Section 15.978. Sale of Political Subdivision Bonds
Section 15.979. Funding for Local Economic Development
Section 15.980. Authority to Establish Economic Development Programs