Section 3926.253 - Borrowing Money; Obligations(a) Subject to the terms of the development and operating agreement required under Section 3926.156, the district may borrow money for a district purpose, including the acquisition or construction of improvement projects authorized by this chapter and the reimbursement of a person who develops or owns an improvement project authorized by this chapter, 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.(c) The board may issue an obligation under this section without an election.Tex. Spec. Dist. Loc. Laws § 3926.253
Added by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 977,Sec. 1, eff. 9/1/2015.