Sec. 6913.254. BONDS PAYABLE FROM REVENUE. (a) In this section, "net revenue" means the district's gross revenue, other than taxation, minus the amount necessary to pay the cost of maintaining and operating the district and its property.
(b) District bonds may be secured as described by a board resolution by a pledge of:
(1) all or part of the district's net revenue;
(2) the net revenue of a contract made at any time; or
(3) other revenue specified by board resolution.
(c) The pledge may reserve the right to issue additional bonds on a parity with or subordinate to the bonds being issued, subject to conditions specified by the pledge.
(d) District bonds not payable wholly or partly from ad valorem taxes may be issued without an election.
Added by Acts 2017, 85th Leg., R.S., Ch. 869 (H.B. 2803), Sec. 1.02, eff. April 1, 2019.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle B - Fresh Water Supply Districts
Chapter 6913 - Haskell County Water Supply District
Section 6913.251. Authority to Issue Bonds
Section 6913.252. Form of Bonds
Section 6913.254. Bonds Payable From Revenue
Section 6913.255. Bonds Payable From Ad Valorem Taxes
Section 6913.256. Election for Bonds Payable From Ad Valorem Taxes
Section 6913.257. Tax and Compensation Rates
Section 6913.258. Additional Security
Section 6913.259. Use of Bond Proceeds
Section 6913.260. Appointment of Receiver