Section 3803.157 - Obligations(a) The district may issue bonds or other obligations payable in whole or in part from ad valorem taxes, assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.(b) In exercising the district's borrowing power, the district may issue a bond or other obligation in the form of a bond, note, certificate of participation or other instrument evidencing a proportionate interest in payments to be made by the district, or other type of obligation.Tex. Spec. Dist. Loc. Laws § 3803.157
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. 4/1/2005.