86th Texas Legislature, Regular Session, Senate Bill 2521, Chapter 62 Page: 4 of 7
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S.B. No. 2521
1 the district may apply separately, differently, equitably, and
2 specifically its taxing power and lien authority to the defined
3 area or designated property to provide money to construct,
4 administer, maintain, and operate services, improvements, and
5 facilities that primarily benefit the defined area or designated
6 property.
7 Sec. 8087.0305. ISSUANCE OF BONDS FOR DEFINED AREA OR
8 DESIGNATED PROPERTY. After an order under Section 8087.0303 is
9 adopted, the district may issue bonds to provide for any land,
10 improvements, facilities, plants, equipment, and appliances for
11 the defined area or designated property.
12 SUBCHAPTER D. BONDS AND OTHER OBLIGATIONS
13 Sec. 8087.0401. AUTHORITY TO ISSUE BONDS AND OTHER
14 OBLIGATIONS FOR ROAD PROJECTS. (a) The district may issue bonds
15 or other obligations payable wholly or partly from ad valorem
16 taxes, impact fees, revenue, contract payments, grants, or other
17 district money, or any combination of those sources, to pay for a
18 road project authorized by Section 8087.0203.
19 (b) The district may not issue bonds payable from ad valorem
20 taxes to finance a road project unless the issuance is approved by a
21 vote of a two-thirds majority of the district voters voting at an
22 election held for that purpose.
23 (c) At the time of issuance, the total principal amount of
24 bonds or other obligations issued or incurred to finance road
25 projects and payable from ad valorem taxes may not exceed
26 one-fourth of the assessed value of the real property in the
27 district.4
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Texas. Legislature. Senate. 86th Texas Legislature, Regular Session, Senate Bill 2521, Chapter 62, legislative document, May 20, 2019; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth1201614/m1/4/: accessed August 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.