Texas § 3981.0503 AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS.

Texas Statutes

§ 3981.0503 — AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS.

Texas § 3981.0503

Code SDSpecial District Local Laws Code

This text of Texas § 3981.0503 (AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Special District Local Laws Code Code Ann. § 3981.0503 (2026).

Text

Sec. 3981.0503. AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS.

(a)The district may borrow money on terms determined by the board.

(b)The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.

(c)The principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.

(d)The outstanding principal amount of bonds secured by contract payments meeting the requirements of Section 3981.0504 (2) issued by the district in the aggregate may not exceed an amount

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 3981.0503. AUTHORITY TO BORROW MONEY AND TO ISSUE BONDS AND OTHER OBLIGATIONS. (a) The district may borrow money on terms determined by the board.
(b) The district may issue bonds, notes, or other obligations payable wholly or partly from ad valorem taxes, assessments, revenue, contract payments, grants, or other district money, or any combination of those sources of money, to pay for any authorized district purpose.
(c) The principal amount of bonds secured by ad valorem taxes issued by the district in aggregate may not exceed 10 percent of the assessed value of all real property in the district.
(d) The outstanding principal amount of bonds secured by contract payments meeting the requirements of Section 3981.0504 (2) issued by the district in the aggregate may not exceed an amount equal to 10 percent of the assessed value of all real property in all districts making payments under the contract.

Legislative History

Added by Acts 2019, 86th Leg., R.S., Ch. 1266 (H.B. 4693 ), Sec. 1, eff. June 14, 2019. Amended by: Acts 2025, 89th Leg., R.S., Ch. 704 (S.B. 3052 ), Sec. 1, eff. June 20, 2025.