S.B. No. 1872 Regular Session, 2001, is amended by adding Section 5.015 to read as follows: Sec. 5.015. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS FOR ROAD PROJECTS; TAX. (a) The district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, to finance, or assist in the financing of, projects under Section 3.015 of this Act. (b) The district may not issue bonds or other obligations under Subsection (a) of this section 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 by the district under this section 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 road project undertaken by the district under Section 3.015 of this Act or to bonds issued by the district to finance the project. (e) The district may impose an ad valorem tax to pay the principal of or interest on bonds issued under this section. SECTION 3. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2005.
Reference the current page of this Legislative Document.
Texas. Legislature. Senate.79th Texas Legislature, Regular Session, Senate Bill 1872, Chapter 900,
legislative document,
June 17, 2005;
[Austin, Texas].
(https://texashistory.unt.edu/ark:/67531/metapth157678/m1/2/:
accessed July 16, 2024),
University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.;
crediting UNT Libraries Government Documents Department.