Texas § SD.8509.0304 - ELECTION FOR BONDS PAYABLE FROM AD VALOREM TAXES

§ SD.8509.0304. ELECTION FOR BONDS PAYABLE FROM AD VALOREM TAXES

ELECTION FOR BONDS PAYABLE FROM AD VALOREM TAXES. (a) Bonds, other than refunding bonds, payable wholly or partly from ad valorem taxes may not be issued unless authorized by a majority vote of the voters voting at an election held for that purpose. (b) The board may call an election under this section without a petition. The resolution calling the election must specify: (1) the time and places at which the election will be held; (2) the purpose for which the bonds will be issued; (3) the maximum amount of the bonds; (4) the maximum maturity of the bonds; (5) the form of the ballot; and (6) the presiding judge for each polling place. (c) Notice of the election must be given by publishing a substantial copy of the resolution calling the election in one newspaper published in each municipality contained in the district for two consecutive weeks. The first publication must be not later than the 21st day before the date of the election. In any municipality in which a newspaper is not published, notice must be given by posting a copy of the resolution in three public places. (d) The district may issue bonds not payable wholly or partly from ad valorem taxes without an election. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172 ), Sec. 1.03, eff. April 1, 2021.