(a) Bonds, notes, or other obligations issued or incurred by the district under Section 53.029, Water Code, may not exceed one-fourth of the assessed value of the real property in the district.(b) The district may not issue bonds until a development agreement between the City of Celina and the district has been signed. Added by Acts 2005, 79th Leg., Ch. 446 (S.B. 1828), Sec. 1, eff. June 17, 2005.
Texas Legal Code