1. (a) The district may issue general obligation bonds only if the bonds are authorized by a majority of the voters voting in an election held for that purpose.

2. (b) The board may call the election on its own motion. The order calling the election must specify:

   1. (1) the date of the election;
   2. (2) the place or places where the election will be held;
   3. (3) the names of the presiding election officers;
   4. (4) the purpose for which the bonds are to be issued;
   5. (5) the amount of the bonds;
   6. (6) the maximum interest rate of the bonds; and
   7. (7) the maximum maturity of the bonds, which may not exceed 40 years from the date of issuance.
3. (c) Notice of a bond election shall be given by publishing a substantial copy of the order calling the election in a newspaper of general circulation in the district as provided by Section 4.003(a)(1), Election Code.

Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.