(a) The district may borrow money for a district purpose, including the acquisition or construction of improvement projects authorized by this chapter and the reimbursement of a person who develops or owns an improvement project authorized by this chapter, without holding an election by issuing bonds, notes, time warrants, or other obligations, or by entering into a contract or other agreement payable wholly or partly from an assessment, a contract payment, a grant, other district revenue, or a combination of these sources.(b) An obligation described by Subsection (a):(1) may bear interest at a rate determined by the board; and(2) may include a term or condition as determined by the board. Added by Acts 2013, 83rd Leg., R.S., Ch. 1308 (H.B. 3914), Sec. 3, eff. September 1, 2013.