Texas § SD.3001.152 - OBLIGATIONS
Full text of Texas The Texas Constitution § SD.3001.152 — OBLIGATIONS, with citation guidance and answers to common questions.
§ SD.3001.152. OBLIGATIONS
OBLIGATIONS. (a) The district may issue any type of obligation for any district purpose. An obligation may be issued under Chapter 1371 , Government Code. (b) When authorizing the issuance of an obligation, the district may also authorize the later issuance of a parity or subordinate lien obligation. (c) A district obligation must: (1) mature not later than the 40th anniversary of the date of issuance; and (2) state on its face that the obligation is not a state obligation. (d) A district obligation may be payable from or secured by: (1) any source of money, including district revenue, loans, or assessments; or (2) a lien, pledge, mortgage, or other security interest on district revenue or property. (e) The district may use obligation proceeds for any purpose, including to pay: (1) into a reserve fund for debt service; (2) for the repair or replacement of property, including buildings and equipment; (3) interest on obligations; or (4) for the operation of a sugar mill or other agricultural enterprise. (f) The district may contract with an obligation holder to impose an assessment to pay for the operation of a sugar mill or other agricultural enterprise. Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Frequently Asked Questions About Texas § SD.3001.152
What does The Texas Constitution § SD.3001.152 cover?
Section SD.3001.152 ("OBLIGATIONS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § SD.3001.152?
A common citation format is "The Texas Constitution § SD.3001.152" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § SD.3001.152 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.