(a) At the time of issuance, the total principal amount of bonds or other obligations issued or incurred to finance road projects and payable from ad valorem taxes may not exceed one-fourth of the assessed value of the real property in the district.(b) The district may not issue bonds payable from ad valorem taxes to finance a road project unless the issuance is approved by a vote of a two-thirds majority of the district voters voting at an election held for that purpose. Added by Acts 2009, 81st Leg., R.S., Ch. 1086 (H.B. 4779), Sec. 3, eff. June 19, 2009.
Texas Legal Code