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Texas Statutes (Last Updated: January 4, 2014) |
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WATER CODE |
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Title 4. GENERAL LAW DISTRICTS |
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Chapter 51. WATER CONTROL AND IMPROVEMENT DISTRICTS |
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Subchapter K. ISSUANCE OF BONDS |
Sec. 51.442. ISSUANCE OF ADDITIONAL BONDS OR CREATION OF ADDITIONAL INDEBTEDNESS UNDER CERTAIN CONDITIONS
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(a) A district may issue additional bonds or create additional indebtedness:
(1) if works, improvements, and facilities constructed under a plan provided in Section 51.410 or 51.422 of this code are inadequate to accomplish the beneficial results which the district's location and conditions demand;
(2) if it is considered necessary to make repairs, replacements, or additions to the district's improvements which cost more than $25,000; or
(3) if additional money is needed to complete the improvements as planned.
(b) The district shall provide the additional money for the particular purpose in accordance with the provisions of this chapter regulating the creation of bond obligations subject to every limitation with respect to the original proceedings and the substantial protection of the substantive rights of holders of any of the district's outstanding obligations.