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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 6. WATER AND WASTEWATER |
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Subtitle F. MUNICIPAL UTILITY DISTRICTS |
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Chapter 8140. EAST MONTGOMERY COUNTY MUNICIPAL UTILITY DISTRICTS NOS. 5, 6, AND 7 |
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Subchapter E. BONDS |
Sec. 8140.201. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS
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(a) Each district may issue bonds or other obligations as provided by Chapters 49 and 54, Water Code, to finance the construction, maintenance, or operation of projects under Sections 8140.101 and 8140.102.
(b) A district may not issue bonds to finance projects authorized by Section 8140.102 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 to finance projects authorized by Section 8140.102 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 project undertaken by a district under Section 8140.102 or to bonds issued by the district to finance the project.