84th Texas Legislature, Regular Session, Senate Bill 2002, Chapter 986 Page: 3 of 20
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S.B. No. 2002
1 specifications of the road project.
2 SUBCHAPTER C. BONDS AND OTHER OBLIGATIONS
3 Sec. 8390.101. AUTHORITY TO ISSUE BONDS AND OTHER
4 OBLIGATIONS FOR ROAD PROJECTS. (a) The district may issue bonds
5 or other obligations payable wholly or partly from ad valorem
6 taxes, impact fees, revenue, contract payments, grants, or other
7 district money, or any combination of those sources, to pay for a
8 road project authorized by Section 8390.053.
9 (b) The district may not issue bonds payable from ad valorem
10 taxes to finance a road project unless the issuance is approved by a
11 vote of a two-thirds majority of the district voters voting at an
12 election held for thatjpurpose.
13 (c) At the time of issuance, the total principal amount of
14 bonds or other obligations issued or incurred to finance road
15 projects and payable from ad valorem taxes may not exceed
16 one-fourth of the assessed value of the real property in the
17 district.
18 Sec. 8390.102. TAXES FOR BONDS. At the time the district
19 issues bonds payable wholly or partly from ad valorem taxes, the
20 district shall provide for the annual imposition of a continuing
21 direct ad valorem tax, without limit as to rate or amount, while all
22 or part of the bonds are outstanding as required and in the manner
23 provided by Sections 54.601 and 54.602, Water Code.
24 SECTION 2. The Montgomery County Municipal Utility District
25 No. Ill retains all rights, powers, privileges, authority, duties,
26 and functions that it had before the effective date of this Act.
27 SECTION 3. Subtitle F, Title 6, Special District Local Laws3
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Texas. Legislature. Senate. 84th Texas Legislature, Regular Session, Senate Bill 2002, Chapter 986, legislative document, June 19, 2015; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth704483/m1/3/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.