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Texas Statutes (Last Updated: January 4, 2014) |
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SPECIAL DISTRICT LOCAL LAWS CODE |
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Title 4. DEVELOPMENT AND IMPROVEMENT |
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Subtitle C. DEVELOPMENT, IMPROVEMENT, AND MANAGEMENT |
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Chapter 3872. CHAMBERS COUNTY IMPROVEMENT DISTRICT NO. 2 |
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Subchapter D. GENERAL FINANCIAL PROVISIONS |
Sec. 3872.161. ELECTIONS REGARDING TAXES AND BONDS
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(a) The district may issue, without an election, bonds, notes, and other obligations secured by:
(1) revenue other than ad valorem taxes; or
(2) contract payments described by Section 3872.158.
(b) The district must hold an election in the manner provided by Subchapter L, Chapter 375, Local Government Code, to obtain voter approval before the district may impose an ad valorem tax or issue bonds payable from ad valorem taxes.
(c) The district may not issue bonds payable from ad valorem taxes to finance a road project unless the issuance is approved by a vote of a two-thirds majority of the district voters voting at an election held for that purpose.
(d) At the time of issuance, the total principal amount of bonds or other obligations issued or incurred to finance road projects and payable from ad valorem taxes may not exceed one-fourth of the assessed value of the real property in the district.