Development and Operating Agreement Required

Sec. 7987.107. DEVELOPMENT AND OPERATING AGREEMENT REQUIRED. After the district's board is organized, but before the district may undertake any improvement project, impose taxes or fees, or issue bonds or otherwise borrow money, the district must become a party to and assume all applicable obligations, requirements, and limitations in the development agreement entered into between the city and the owner or owners of a majority of land in the district, including any limitation imposed by the city. Added by Acts 2017, 85th Leg., R.S., Ch. 797 (H.B. 2912), Sec. 1, eff. September 1, 2017. SUBCHAPTER D. GENERAL FINANCIAL PROVISIONS