Texas Water Code

§ 54.505 — ELECTION ON TAX BONDS

WA § 54.505Title 4. GENERAL LAW DISTRICTS · Ch. 54. MUNICIPAL UTILITY DISTRICTS · Art. F. ISSUANCE OF BONDS

Statute text

Bonds payable solely from revenues may be issued by resolution or order of the board without an election, but no bonds, except refunding bonds, payable wholly or partially from ad valorem taxes shall be issued until authorized by a majority vote of the resident electors of the district voting in an election called and held for that purpose. An election is not required to pledge revenues to the payment of bonds.

Legislative history

Added by Acts 1971, 62nd Leg., p. 796, ch. 84, Sec. 1. Amended by Acts 2003, 78th Leg., ch. 248, Sec. 31, eff. June 18, 2003.