Title SD, Special District Local Laws Code

Sec. 1070.208. FINANCIAL REPORT. As soon as practicable after the close of each fiscal year, the district administrator shall prepare for the board: (1) a complete sworn statement of all district money; and (2) a complete account of the disbursements of that money. Added by Acts …

Sec. 1070.209. 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 1070.210(b), and money transmitted to a bank for payment of bon…

Sec. 1070.210. SPENDING AND INVESTMENT RESTRICTIONS. (a) Except as otherwise provided by Sections 1070.062, 1070.063, 1070.064, 1070.108(c), and 1070.211 and by Subchapter F, the district may not incur an obligation payable from district revenue other than the revenue on hand or …

Sec. 1070.211. AUTHORITY TO BORROW MONEY; SECURITY. (a) The district may borrow money for district operating expenses in an amount not to exceed the amount of tax or other revenue the district expects to receive during the fiscal year in which the money is borrowed. (b) To repay …

Sec. 1070.251. OBLIGATIONS AND CREDIT AGREEMENTS. The district may issue, sell, and deliver obligations and execute corresponding credit agreements in the manner provided by Chapters 1201 and 1371, Government Code. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.…

Sec. 1070.252. GENERAL OBLIGATION BONDS. The board may issue and sell general obligation 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; and…

Sec. 1070.253. TAX TO PAY GENERAL OBLIGATION BONDS. (a) At the time general obligation bonds are issued under Section 1070.252, 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 interest on the bonds a…

Sec. 1070.254. 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 voting at an election held for that purpose. (b) The order calling the election shall provide for clerks as i…

Sec. 1070.255. REVENUE BONDS. (a) The board may issue revenue bonds to: (1) purchase, construct, acquire, repair, renovate, or equip buildings or improvements for hospital or ancillary health care purposes; or (2) acquire sites to be used for hospital or ancillary health care pur…

Sec. 1070.256. REFUNDING BONDS. (a) The board may 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 refunding bond applied to the payment of outstanding indebtedness; or (2) …

Sec. 1070.257. MATURITY OF BONDS. District 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. 1070.258. EXECUTION OF BONDS. (a) The board president shall execute district 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 Leg., R.S., Ch. 920 (H.B. 3166), Se…

Sec. 1070.259. 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. 1070.301. IMPOSITION OF AD VALOREM TAX. (a) The board shall impose a tax on all property in the district subject to district taxation. (b) The board shall impose the tax to: (1) pay the interest on and create a sinking fund for bonds and other obligations issued or assumed b…

Sec. 1070.302. TAX RATE. (a) The board may impose the tax at a rate not to exceed 50 cents on each $100 valuation of taxable property in the district unless the maximum tax rate is increased as provided by Section 1070.303. (b) In setting the tax rate, the board shall consider th…

Sec. 1070.303. ELECTION TO INCREASE MAXIMUM TAX RATE. (a) The board may order an election to increase the district's maximum tax rate to a rate not to exceed 75 cents on each $100 valuation of taxable property in the district. (b) The maximum tax rate may not be increased unless …

Sec. 1070.304. 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 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.0…