Texas Water Code

§ 49.4645 — DISTRICT IN CERTAIN COUNTIES: BONDS FOR RECREATIONAL FACILITIES

WA § 49.4645Title 4. GENERAL LAW DISTRICTS · Ch. 49. PROVISIONS APPLICABLE TO ALL DISTRICTS · Art. N. RECREATIONAL FACILITIES

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(a)A district all or part of which is located in Bastrop County, Bexar County, Waller County, Travis County, Williamson County, Harris County, Galveston County, Brazoria County, Montgomery County, El Paso County, or Fort Bend County may issue bonds supported by ad valorem taxes to pay for the development and maintenance of recreational facilities only if the bonds are authorized by a majority vote of the voters of the district voting in an election held for that purpose. Except as provided by Subsection (a-1), the outstanding principal amount of bonds, notes, and other obligations issued to finance recreational facilities supported by ad valorem taxes may not exceed an amount equal to one percent of the value of the taxable property in the district as shown by the tax rolls of the central appraisal district at the time of the issuance of the bonds, notes, and other obligations. To establish the value of the taxable property in a district under this section, the district may use an estimate of the value provided by the central appraisal district. The district may not issue bonds supported by ad valorem taxes to pay for the development and maintenance of:

(1)indoor or outdoor swimming pools; or

(2)golf courses. (a-1) The outstanding principal amount of bonds, notes, and other obligations issued to finance a recreational facility under Subsection (a) may exceed an amount equal to one percent but not three percent of the value of the taxable property in the district or, if supported by contract taxes under Section 49.108, the value of the taxable property in the districts making payments under the contract, if the district has:

(1)a ratio of debt to certified assessed valuation of 10 percent or less;

(2)a credit rating that conforms to commission rules;

(3)a credit enhanced rating on the district's proposed bond issue that conforms to commission rules; or

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 291 (H.B. 1127), Sec. 1, eff. June 15, 2007. Acts 2013, 83rd Leg., R.S., Ch. 105 (S.B. 902), Sec. 23, eff. September 1, 2013. Acts 2021, 87th Leg., R.S., Ch. 463 (H.B. 1410), Sec. 1, eff. June 14, 2021. Acts 2023, 88th Leg., R.S., Ch. 17 (S.B. 938), Sec. 1, eff. November 7, 2023.