Sec. 3861.158. BONDS AND OTHER OBLIGATIONS; MUNICIPAL APPROVAL. (a) Except as provided by Sections 3861.157 and 3861.161, the district may issue by competitive bid or negotiated sale bonds, notes, or other obligations payable wholly or partly from ad valorem taxes or assessments in the manner provided by Subchapter A, Chapter 372 or Subchapter J, Chapter 375, Local Government Code.
(b) In exercising the district's borrowing power, the district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.
(c) In addition to the sources of money described by Subchapter A, Chapter 372, and Subchapter J, Chapter 375, Local Government Code, district bonds may be secured and made payable, wholly or partly, by a pledge of any part of the net proceeds the district receives from any other district revenue.
Added by Acts 2007, 80th Leg., R.S., Ch. 531 (S.B. 919), Sec. 1, eff. June 16, 2007.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3861 - Viridian Municipal Management District
Subchapter D. General Financial Provisions
Section 3861.151. General Powers Regarding Financial Matters
Section 3861.152. Borrowing Money
Section 3861.153. Impact Fees and Assessments; Exemption
Section 3861.154. Certain Residential Property Not Exempt
Section 3861.155. Maintenance and Operation Tax; Election
Section 3861.156. Use of Surplus Maintenance and Operation Money
Section 3861.157. Bond Issuance Plan Required Before Issuing Bonds
Section 3861.158. Bonds and Other Obligations; Municipal Approval
Section 3861.159. Bond Maturity