Title SD, Special District Local Laws Code

Sec. 1008.209. DEPOSITORY. (a) The board shall select one or more banks inside or outside the district to serve as a depository for district money. (b) District money, other than money invested as provided by Section 1008.210, and money transmitted to a bank for payment of bonds …

Sec. 1008.210. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as otherwise provided by this chapter, the district may not incur an obligation payable from district revenues other than the revenues on hand or to be on hand in the current and following district fiscal years. (b) …

Sec. 1008.211. AUTHORITY TO BORROW MONEY; SECURITY. (a) The board may borrow money for district obligations at the time the loan is made. (b) To secure a loan, the board may pledge: (1) district revenue that is not pledged to pay the district's bonded indebtedness; (2) a district…

Sec. 1008.251. GENERAL OBLIGATION BONDS. The board may issue and sell general obligations bonds in the name and on the faith and credit of the district for any purpose relating to: (1) the purchase, construction, acquisition, repair, or renovation of buildings or improvements; an…

Sec. 1008.252. TAX TO PAY GENERAL OBLIGATION BONDS. (a) At the time general obligation bonds are issued by the district under Section 1008.251, the board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interes…

Sec. 1008.253. GENERAL OBLIGATION BOND ELECTION. (a) The district may issue general obligation bonds only if the bonds are authorized by a majority of the voters voting at an election held for that purpose. (b) The board must specify in the order calling the election: (1) the dat…

Sec. 1008.254. MATURITY OF GENERAL OBLIGATION BONDS. District general obligation bonds must mature not later than 40 years after the date of issuance. Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.

Sec. 1008.255. EXECUTION OF GENERAL OBLIGATION BONDS. (a) The board president shall execute the general obligation bonds in the district's name. (b) The board secretary shall countersign the bonds in the manner provided by Chapter 618, Government Code. Added by Acts 2005, 79th Le…

Sec. 1008.256. REVENUE BONDS. (a) The board may issue revenue bonds to: (1) purchase, construct, acquire, repair, renovate, or equip buildings or improvements for hospital purposes; or (2) acquire sites to be used for hospital purposes. (b) The bonds must be payable from and secu…

Sec. 1008.257. REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds to refund outstanding bonds issued or assumed by the district. (b) A refunding bond may be: (1) sold, with the proceeds of the refunding bonds applied to the payment of the bonds to be r…

Sec. 1008.258. BONDS EXEMPT FROM TAXATION. The following are exempt from taxation by this state or a political subdivision of this state: (1) bonds issued by the district; (2) the transfer and issuance of the bonds; or (3) profits made in the sale of the bonds. Added by Acts 2005…

Sec. 1008.301. IMPOSITION OF AD VALOREM TAX. (a) The board shall impose a tax on all property in the district subject to district taxation. (b) The tax may be used to pay: (1) indebtedness issued or assumed by the district; and (2) the maintenance and operating expenses of the di…

Sec. 1008.302. TAX RATE. (a) The board may impose the tax at a rate not to exceed the limit approved by the voters at the election authorizing the imposition of the tax. (b) The tax rate on all taxable property in the district for all purposes may not exceed 75 cents on each $100…

Sec. 1008.303. TAX ASSESSOR-COLLECTOR. The board may provide for the appointment of a tax assessor-collector for the district or may contract for the assessment and collection of taxes as provided by the Tax Code. Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff…