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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 8261. MONTGOMERY COUNTY MUNICIPAL UTILITY DISTRICT NO. 112 |
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Subchapter D. BONDS |
Sec. 8261.151. AUTHORITY TO ISSUE BONDS AND OTHER OBLIGATIONS
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(a) The district may issue bonds or other obligations as provided by Chapters 49 and 51, Water Code, to finance the construction, maintenance, or operation of a project under Section 8261.051.
(b) The district may not issue bonds or other obligations to finance projects authorized by Section 8261.051 unless the issuance is approved by a vote of a two-thirds majority of the district voters, or a two-thirds majority of voters in a defined area that will benefit from the project, as provided by Subchapter J, Chapter 54, Water Code, voting at an election called for that purpose. The simple majority vote approval required by Section 54.808(a), Water Code, does not apply to an election under this section.
(c) Bonds or other obligations issued or incurred to finance projects authorized by Section 8261.051 may not exceed one-fourth of the assessed value of the real property in the district or the defined area, if applicable.