Sec. 3834.156. BONDS AND OTHER OBLIGATIONS. (a) The district may issue bonds or other obligations payable wholly or partly from assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.
(b) The district may borrow money according to terms and conditions determined by the board. Section 375.205, Local Government Code, does not apply to a loan, line of credit, or other borrowing from a bank or financial institution secured by revenue other than ad valorem taxes.
Added by Acts 2005, 79th Leg., Ch. 861 (S.B. 993), Sec. 1, eff. June 17, 2005.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1082 (H.B. 4771), Sec. 2, eff. June 19, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3834 - Harris County Improvement District No. 5
Subchapter D. Financial Provisions
Section 3834.151. Disbursements and Transfers of Money
Section 3834.152. Petition Required for Financing Services and Improvements
Section 3834.153. Maintenance Tax
Section 3834.154. Assessments; Liens for Assessments
Section 3834.155. Utility Property Exempt From Impact Fees and Assessments
Section 3834.156. Bonds and Other Obligations
Section 3834.157. Tax and Bond Elections
Section 3834.158. Municipality Not Required to Pay District Obligations