{"data":{"id":"us-tx/tex.-agriculture-code-60.103","jurisdiction":"us-tx","citation":"Tex. Agriculture Code § 60.103","heading":"BONDS.","body":"(a) The district may issue any type of bond, including an anticipation note or refunding bond, for any district purpose. A bond may be issued under Chapter 1371, Government Code.\n(b) When authorizing the issuance of a bond, the district may also authorize the later issuance of a parity or subordinate lien bond.\n(c) A district bond must:\n(1) mature not later than 40 years after its date of issuance; and\n(2) state on its face that the bond is not an obligation of the state.\n(d) A district bond may be payable from or secured by:\n(1) any source of money, including district revenue, loans, or assessments; or\n(2) a lien, pledge, mortgage, or other security interest on district revenue or property.\n(e) The district may use bond proceeds for any purpose, including to pay:\n(1) into a reserve fund for debt service;\n(2) for the acquisition, design, construction, repair, maintenance, or replacement of property, including buildings and equipment;\n(3) administrative and operating expenses;\n(4) all expenses incurred or that will be incurred in the issuance, sale, and delivery of the bonds;\n(5) the principal of and interest on bonds; or\n(6) for the operation of an agricultural enterprise.\n(f) The district may contract with a bondholder to impose an assessment to pay for the operation of an agricultural enterprise.\nAdded by Acts 2001, 77th Leg., ch. 1393, Sec. 1, eff. June 16, 2001.","path":["AGRICULTURE CODE","TITLE 4. AGRICULTURAL ORGANIZATIONS","CHAPTER 60. TEXAS AGRICULTURAL DEVELOPMENT DISTRICTS","SUBCHAPTER E. FINANCES; BONDS"],"source_url":"https://statutes.capitol.texas.gov/Docs/AG/htm/AG.60.htm#60.103","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:50Z","sha256":"b7cad788b02bfe3a16341db934fe0a20c9934edddd188d88610c61fd42317a86","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-agriculture-code-60.102","next":"us-tx/tex.-agriculture-code-60.104"},"notice":"GroundRules: Original legal text. Not legal advice."}