Special District Local Laws Code § 8110.151

Sec. 8110.151. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) In addition to the general authority to issue bonds under Chapters 49 and 54, Water Code, the district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, to finance the construction, maintenance, or operation of projects under Section 8110.052. (b) The district may issue bonds or other obligations payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, or other district money or any combination of those sources. (c) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 8110.052 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. (d) Bonds or other obligations issued or incurred to finance projects authorized by Section 8110.052 may not exceed one-fourth of the assessed value of the real property in the district. (e) Sections 49.181 and 49.182, Water Code, do not apply to a project undertaken by the district under Section 8110.052 or to bonds issued by the district to finance the project. Added by Acts 2005, 79th Leg., Ch. 547 (H.B. 1141), Sec. 2, eff. June 17, 2005.