(a) Before the district may undertake projects, issue bonds, impose taxes, or borrow money, the district and the city must negotiate and execute a mutually approved and accepted project development agreement regarding the development plans and rules for:(1) the development and operation of the district; and(2) the financing of improvement projects.(b) The agreement must:(1) describe each project the district intends to undertake;(2) include a financing plan specifying how each project will be financed; and(3) provide a procedure and rules for amending the agreement. Added by Acts 2009, 81st Leg., R.S., Ch. 888 (S.B. 2550), Sec. 1, eff. June 19, 2009.
Texas Legal Code