Section 3884.157 - Bonds and Other Obligations(a) Subject to the requirements of Sections 3884.159 and 3884.160, the district may issue by public or private sale bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, or by assessments in the manner provided by Subchapter A, Chapter 372, Local Government Code, or Subchapter J, Chapter 375, Local Government Code.(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 any other type of obligation.(c) In addition to the sources of money described by Subchapter A, Chapter 372, Local Government Code, and Subchapter J, Chapter 375, Local Government Code, district bonds may be secured and made payable wholly or partly by a pledge of any part of the money the district receives from system or improvement project revenue or from any other source, including revenue received by the district under Chapter 311, Tax Code.Tex. Spec. Dist. Loc. Laws § 3884.157
Amended By Acts 2011, 82nd Leg., R.S., Ch. 763, Sec. 1, eff. 9/1/2011.Added by Acts 2009, 81st Leg., R.S., Ch. 866, Sec. 1, eff. 6/19/2009.