Sec. 3929.156. DEVELOPMENT AND OPERATING AGREEMENT REQUIRED. (a) After the district's board is organized, but before the district may undertake any improvement project, issue bonds, levy assessments or fees, or borrow money, the district, the city, and the owner of a majority of the assessed value of real property in the district according to the most recent certified tax rolls of the central appraisal district of the county must negotiate and execute a mutually approved and accepted development and operating agreement, including any limitations imposed by the city.
(b) An agreement authorized by this section is not effective until its terms and execution are approved by the board, the governing body of the city by ordinance or resolution, and the owner described by Subsection (a).
Added by Acts 2015, 84th Leg., R.S., Ch. 978 (H.B. 3605), Sec. 1, eff. September 1, 2015.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3929 - Joshua Farms Municipal Management District No. 2
Subchapter C. -1. Improvement Projects and Services
Section 3929.151. Improvement Projects and Services
Section 3929.152. Board Determination Required
Section 3929.153. Location of Improvement Project
Section 3929.154. City Requirements
Section 3929.155. Improvement Project and Service in Definable Area; Benefit Basis
Section 3929.156. Development and Operating Agreement Required