Title SD, Special District Local Laws Code

Sec. 1046.160. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as otherwise provided by Section 1046.108(c), Section 1046.161, and Subchapter E, the district may not incur an obligation payable from district revenue other than the revenue on hand or to be on hand in the current …

Sec. 1046.161. AUTHORITY TO BORROW MONEY; SECURITY. (a) The district may incur a debt or borrow money on the credit of the district or secured by any source of revenue, including district taxes to be imposed in the next 12-month period, that is not pledged to pay the principal of…

Sec. 1046.201. 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. 1046.202. TAX TO PAY GENERAL OBLIGATION BONDS. (a) At the time general obligation bonds are issued by the district under Section 1046.201, 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. 1046.203. GENERAL OBLIGATION BOND ELECTION. (a) The district may issue general obligation bonds only if the bonds are authorized by a majority of the district voters. (b) The board, in ordering a bond election, shall provide for clerks as in county elections and must specify…

Sec. 1046.204. MATURITY OF GENERAL OBLIGATION BONDS. District general obligation bonds must mature not later than 40 years after the date of issuance. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.

Sec. 1046.205. 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 2007, 80th Le…

Sec. 1046.206. 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. 1046.207. REFUNDING BONDS. (a) The board may, without an election, issue refunding bonds to refund outstanding indebtedness issued or assumed by the district. (b) A refunding bond may be: (1) sold, with the proceeds of the bond applied to the payment of the outstanding indeb…

Sec. 1046.208. 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; and (3) profits made in the sale of the bonds. Added by Acts 200…

Sec. 1046.251. IMPOSITION OF AD VALOREM TAX. (a) The board may impose a tax on all property in the district subject to district taxation. (b) The board may impose the tax to pay: (1) indebtedness issued or assumed by the district; and (2) the maintenance and operating expenses of…

Sec. 1046.252. TAX RATE. (a) The board may impose the tax at a rate not to exceed 75 cents on each $100 valuation of taxable property in the district. (b) In setting the tax rate, the board shall consider the income of the district from sources other than taxation. Added by Acts …

Sec. 1046.253. ASSESSMENT AND COLLECTION BY COUNTY TAX ASSESSOR-COLLECTOR. (a) This section applies unless the board elects to have taxes assessed and collected under Section 1046.254. (b) The tax assessor-collector of Jackson County shall assess and collect taxes imposed by the …

Sec. 1046.254. ASSESSMENT AND COLLECTION BY DISTRICT TAX ASSESSOR-COLLECTOR. (a) The board may elect to have district taxes assessed and collected by a tax assessor-collector appointed by the board. An election under this subsection must be made by December 1 and governs the mann…