Sec. 3887.157. BONDS AND OTHER OBLIGATIONS; MUNICIPAL APPROVAL. (a) Subject to the requirements of Sections 3887.159 and 3887.160, the district by competitive bid or negotiated sale may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes or from 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 any 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 money the district receives from system or improvement revenues or from any other source.
Added by Acts 2009, 81st Leg., R.S., Ch. 1078 (H.B. 4755), 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 3887 - Guadalupe County Development and Management District
Subchapter D. General Financial Provisions
Section 3887.151. General Powers Regarding Financial Matters
Section 3887.152. Borrowing Money
Section 3887.153. Impact Fees and Assessments; Exemption
Section 3887.154. Residential Property Not Exempt
Section 3887.155. Maintenance and Operation Tax; Election
Section 3887.156. Use of Surplus Maintenance and Operation Money
Section 3887.157. Bonds and Other Obligations; Municipal Approval
Section 3887.158. Bond Maturity