(a) The district may issue bonds or other obligations as provided by Chapters 49, 51, and 54, Water Code, to finance:
- (1) the construction, maintenance, or operation of projects under Sections 9030.101 and 9030.102; or
- (2) the district's contractual obligations under Section 9030.103.
- (b) The district may issue bonds or other obligations payable wholly or partly from ad valorem taxes, impact fees, revenue, grants, or other district money.
- (c) The district may not issue bonds or other obligations secured wholly or partly by ad valorem taxation to finance projects authorized by Section 9030.102 unless the issuance is approved by a vote of a two-thirds majority of the voters of the district voting at an election called for that purpose.
- (d) Bonds or other obligations issued or incurred to finance projects authorized by Section 9030.101 or 9030.102 or contractual obligations under Section 9030.103 may not exceed one-fourth of the assessed value of the real property in the district.
Added by Acts 2007, 80th Leg., R.S., Ch. 945 (H.B. 3990), Sec. 1, eff. September 1, 2007.