Special District Local Laws Code § 8108.201

Sec. 8108.201. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, and to finance: (1) the construction, maintenance, or operation of projects under Section 8108.102; or (2) the district's contractual obligations under Section 8108.105. (b) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 8108.102 unless the issuance is approved by a vote of a two-thirds majority of the voters of the district voting at an election called for that purpose. (c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8108.102 may not exceed one-fourth of the assessed value of the real property in the district. (d) Sections 49.181 and 49.182, Water Code, do not apply to a project undertaken by the district under Section 8108.102 or to bonds issued by the district to finance the project. Added by Acts 2005, 79th Leg., Ch. 520 (H.B. 813), Sec. 1, eff. June 17, 2005. SUBCHAPTER F. DIVISION OF DISTRICT INTO MULTIPLE DISTRICTS