Sec. 3979.0503. 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, by competitive bid or negotiated sale, 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.
(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 2019, 86th Leg., R.S., Ch. 1256 (H.B. 4657), Sec. 1, eff. June 14, 2019.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3979 - Montgomery County Management District No. 1
Section 3979.0501. Tax Election Required
Section 3979.0502. Operation and Maintenance Tax
Section 3979.0503. Authority to Borrow Money and to Issue Bonds and Other Obligations
Section 3979.0504. Bonds Secured by Revenue or Contract Payments
Section 3979.0505. Bonds Secured by Ad Valorem Taxes; Elections