Section 3885.253 - Borrowing Money; Obligations(a) The district may borrow money for a district purpose without holding an election by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, revenue from a zone created under Chapter 311 or 312, Tax Code, other district revenue, or a combination of these sources.(b) An obligation described by Subsection (a):(1) may bear interest at a rate determined by the board; and(2) may include a term or condition as determined by the board.Tex. Spec. Dist. Loc. Laws § 3885.253
Added by Acts 2011, 82nd Leg., R.S., Ch. 706, Sec. 2.01, eff. 9/1/2011.