(a) The district may issue bonds or other obligations payable wholly or partly from assessments, impact fees, revenue, grants, or other money of the district, or any combination of those sources of money, to pay for any authorized purpose of the district.(b) The district may borrow money according to terms and conditions determined by the board. Section 375.205, Local Government Code, does not apply to a loan, line of credit, or other borrowing from a bank or financial institution secured by revenue other than ad valorem taxes. Added by Acts 2005, 79th Leg., Ch. 861 (S.B. 993), Sec. 1, eff. June 17, 2005.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1082 (H.B. 4771), Sec. 2, eff. June 19, 2009.
Texas Legal Code