Texas · Through 89th 2nd Called Legislative Session, 2025

Tex. Special District Local Laws Code § 3981.0503: 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 may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, 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 principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.
(d) The outstanding principal amount of bonds secured by contract payments meeting the requirements of Section 3981.0504(2) issued by the district in the aggregate may not exceed an amount equal to 10 percent of the assessed value of all real property in all districts making payments under the contract.
Added by Acts 2019, 86th Leg., R.S., Ch. 1266 (H.B. 4693), Sec. 1, eff. June 14, 2019.
Amended by:
Acts 2025, 89th Leg., R.S., Ch. 704 (S.B. 3052), Sec. 1, eff. June 20, 2025.

Where this section sits in the code

SPECIAL DISTRICT LOCAL LAWS CODE
TITLE 4. DEVELOPMENT AND IMPROVEMENT
SUBTITLE C. DEVELOPMENT, IMPROVEMENT, AND MANAGEMENT For contingent expiration of this chapter, see Section 3981.0109.
CHAPTER 3981. COLE RANCH IMPROVEMENT DISTRICT NO. 1 OF DENTON COUNTY, TEXAS
SUBCHAPTER E. TAXES AND BONDS

(a) The district may borrow money on terms determined by the board.

(b) The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, 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 principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.

(d) The outstanding principal amount of bonds secured by contract payments meeting the requirements of Section 3981.0504(2) issued by the district in the aggregate may not exceed an amount equal to 10 percent of the assessed value of all real property in all districts making payments under the contract.

Added by Acts 2019, 86th Leg., R.S., Ch. 1266 (H.B. 4693), Sec. 1, eff. June 14, 2019.

Amended by:

Acts 2025, 89th Leg., R.S., Ch. 704 (S.B. 3052), Sec. 1, eff. June 20, 2025.

Collected 2026-08-27T01:47:41Z. Source file · JSON

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