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Texas Statutes (Last Updated: January 4, 2014) |
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LOCAL GOVERNMENT CODE |
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Title 10. PARKS AND OTHER RECREATIONAL AND CULTURAL RESOURCES |
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Subtitle C. PARKS AND OTHER RECREATIONAL AND CULTURAL RESOURCES PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT |
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Chapter 335. SPORTS AND COMMUNITY VENUE DISTRICTS |
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Subchapter E. POWERS AND DUTIES |
Sec. 335.073. BONDS AND OTHER OBLIGATIONS
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(a) A district in which an approved venue project is located may issue bonds, including revenue bonds and refunding bonds, or other obligations to pay the costs of the approved venue project. For a district created by a county with a population of more than 3.3 million and a municipality with a population of more than 1.9 million, the power of the district to issue bonds or other obligations is subject to the prior approval by the governing bodies of the county and municipality.
(b) The bonds or other obligations and the proceedings authorizing the bonds or other obligations shall be submitted to the attorney general for review and approval as required by Chapter 1202, Government Code.
(c) The bonds or other obligations must be payable from and secured by the designated revenues in the venue project fund.
(d) The bonds or other obligations may mature serially or otherwise not more than 30 years from their date of issuance.
(e) The bonds or other obligations are not a debt of and do not create a claim for payment against the revenue or property of the district other than the revenue sources pledged and an approved venue project for which the bonds are issued.
(f) A district may issue obligations and enter into credit agreements under Chapter 1371, Government Code. For purposes of that chapter, a district is a "public utility" and an approved venue project is an "eligible project."