Texas § SD.8150.201 - ELECTIONS REGARDING TAXES OR BONDS

§ SD.8150.201. ELECTIONS REGARDING TAXES OR BONDS

ELECTIONS REGARDING TAXES OR BONDS. (a) The district may issue, without an election, bonds and other obligations secured by: (1) revenue from any source other than ad valorem taxation; or (2) contract payments described by Section 8150.203 . (b) The district must hold an election in the manner provided by Chapters 49 and 54 , Water Code, to obtain voter approval before the district may impose an ad valorem tax or issue bonds payable from ad valorem taxes. (c) The board may include more than one purpose in a single proposition at an election. (d) The district may issue bonds or other obligations to finance road projects under Section 52 (b)(3), Article III, Texas Constitution, secured wholly or partly by ad valorem taxation, impose ad valorem taxes to pay the principal of and interest on the obligations, and provide a sinking fund for the redemption of the obligations only if the issuance is approved by a two-thirds majority of the voters of the district voting at an election held for that purpose. The total amount of bonds issued under this subsection may not exceed one-fourth of the assessed market value of real property of the district as determined by the chief appraiser of the appraisal district that appraises property for the district. Added by Acts 2005, 79th Leg., Ch. 1175 (H.B. 3554 ), Sec. 1, eff. June 18, 2005. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1265 (S.B. 1880 ), Sec. 9, eff. June 17, 2011.