Sec. 3902.253. BORROWING MONEY; OBLIGATIONS. (a) The district may borrow money for a district purpose without holding an election by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, revenue from a zone created under Chapter 311 or 312, Tax Code, other district revenue, or a combination of these sources.
(b) An obligation described by Subsection (a):
(1) may bear interest at a rate determined by the board; and
(2) may include a term or condition as determined by the board.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1195 (H.B. 3859), Sec. 1, eff. September 1, 2011.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3902 - Club Municipal Management District No. 1
Subchapter E. General Financial Provisions; Assessments
Section 3902.251. Disbursements and Transfers of Money
Section 3902.252. Money Used for Improvements or Services
Section 3902.253. Borrowing Money; Obligations
Section 3902.254. Development Agreement, Capital Improvement Plan, and Financial Plan Required
Section 3902.255. Quarterly Reporting
Section 3902.257. Notice of Assessments
Section 3902.258. Bonds for Road Projects
Section 3902.259. City Not Required to Pay District Obligations
Section 3902.260. Tax and Assessment Abatements
Section 3902.261. Residential Property Not Exempt