84th Texas Legislature, Regular Session, Senate Bill 2032, Chapter 496 Page: 3 of 7
7 p.View a full description of this legislative document.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
4
S.B. No. 2032
1 OBLIGATIONS FOR ROAD PROJECTS. (a) The district may issue bonds
2 or other obligations payable wholly or partly from ad valorem
3 taxes, impact fees, revenue, contract payments, grants, or other
4 district money, or any combination of those sources, to pay for a
5 road project authorized by Section 7931.053.
6 (b) The district may not issue bonds payable from ad valorem
7 taxes to finance a road project unless the issuance is approved by a
8 vote of a two-thirds majority of the district voters voting at an
9 election held for that purpose.
10 (c) At the time of issuance, the total principal amount of
11 bonds or other obligations issued or incurred to finance road
12 projects and payable from ad valorem taxes may not exceed
13 one-fourth of the assessed value of the real property in the
14 district.
15 Sec. 7931.102. TAXES FOR BONDS. At the time the district
16 issues bonds payable wholly or partly from ad valorem taxes, the
17 district shall provide for the annual imposition of a continuing
18 direct ad valorem tax, without limit as to rate or amount, while all
19 or part of the bonds are outstanding as required and in the manner
20 provided by Sections 54.601 and 54.602, Water Code.
21 SECTION 2. The Galveston County Municipal Utility District
22 No. 36 retains all rights, powers, privileges, authority, duties,
23 and functions that it had before the effective date of this Act.
24 SECTION 3. (a) The legislature validates and confirms all
25 governmental acts and proceedings of the Galveston County Municipal
26 Utility District No. 36 that were taken before the effective date of
27 this Act.3
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. Senate. 84th Texas Legislature, Regular Session, Senate Bill 2032, Chapter 496, legislative document, June 16, 2015; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth704348/m1/3/?q=%22Bonnen%22: accessed June 14, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.