Sec. 3959.0203. AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may borrow money on terms determined by the board.
(b) The district may issue, by public or private sale, 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.
(c) The limitation on the outstanding principal amount of bonds, notes, or other obligations provided by Section 49.4645, Water Code, does not apply to the district.
Added by Acts 2021, 87th Leg., R.S., Ch. 985 (H.B. 4584), Sec. 1, eff. June 18, 2021.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3959 - Sterrett Road Municipal Management District
Section 3959.0201. Tax Election Required
Section 3959.0202. Operation and Maintenance Tax
Section 3959.0203. Authority to Borrow Money and to Issue Bonds and Other Obligations
Section 3959.0204. Bonds Secured by Revenue or Contract Payments
Section 3959.0205. Bonds Secured by Ad Valorem Taxes; Elections