Sec. 3872.159. AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS. (a) The district may borrow money on terms and conditions as 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.
(b) The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, impact fees, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.
Added by Acts 2009, 81st Leg., R.S., Ch. 873 (S.B. 2511), 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 3872 - Chambers County Improvement District No. 2
Subchapter D. General Financial Provisions
Section 3872.151. Disbursements and Transfers of Money
Section 3872.152. Money Used for Improvements or Services
Section 3872.153. Petition Required for Financing Services and Improvements With Assessments
Section 3872.154. Method of Notice for Hearing
Section 3872.155. Assessments; Liens for Assessments
Section 3872.156. Utility Property Exempt From Impact Fees and Assessments
Section 3872.157. Operation and Maintenance Tax
Section 3872.158. Contract Taxes
Section 3872.159. Authority to Borrow Money and to Issue Bonds
Section 3872.160. Taxes for Bonds
Section 3872.161. Elections Regarding Taxes and Bonds