Texas § SD.5018.0203 - ELECTION FOR BONDS PAYABLE FROM AD VALOREM TAXES

§ SD.5018.0203. 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 an election called by the board at which a majority of the votes cast favor the bond issuance. (b) Notice of the election must be given by publishing a substantial copy of the order calling the election in a newspaper of general circulation in the district on the same day in each of two successive weeks. The first publication must be not later than the 14th day before the date of the election. No other notice of the election is necessary. (c) If the bonds are to be payable solely from taxes, the ballot must have printed on it "For the bonds and the levy of taxes in payment thereof" and the contrary of that proposition. (d) If the bonds are to be payable both from net revenue and taxes, the ballot must have printed on it "For the bonds, the pledge of net revenues, and the levy of taxes adequate to provide for the payment thereof" and the contrary of that proposition. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172 ), Sec. 1.01, eff. April 1, 2021.