Sec. 3869.152. BORROWING MONEY. The district may borrow money for a district purpose included in a project development agreement entered into under Section 3869.160 by issuing or executing bonds, notes, credit agreements, or other obligations of any kind found by the board to be necessary or appropriate for the district purpose. The bond, note, credit agreement, or other obligation must be secured by and payable from ad valorem taxes, assessments, or any combination thereof or from other district revenue.
Added by Acts 2009, 81st Leg., R.S., Ch. 888 (S.B. 2550), Sec. 1, eff. June 19, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3869 - Padre Island Gateway Municipal Management District
Subchapter D. General Financial Provisions
Section 3869.151. General Powers Regarding Financial Matters
Section 3869.152. Borrowing Money
Section 3869.153. Impact Fees and Assessments; Exemption
Section 3869.154. Certain Residential Property Not Exempt
Section 3869.155. Maintenance and Operation Tax; Election
Section 3869.156. Use of Surplus Maintenance and Operation Money
Section 3869.157. Bonds and Other Obligations; Municipal Approval
Section 3869.158. Bond Maturity