Title SD, Special District Local Laws Code

Sec. 8508.0202. ACCOUNTS, CONTRACTS, AND OTHER RECORDS; PUBLIC INSPECTION. (a) The authority shall keep complete and accurate accounts of its business transactions in accordance with generally accepted methods of accounting. (b) The authority shall keep its accounts, contracts, d…

Sec. 8508.0203. FEES AND CHARGES. (a) The authority shall establish fees and charges. (b) The fees and charges may not exceed the amount necessary to fulfill the obligations imposed by this chapter. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1…

Sec. 8508.0204. TRUST MONEY. Money collected by or donated, granted, loaned, or advanced to the authority is trust money for the purposes provided by this chapter. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.

Sec. 8508.0205. TAXES AND TAX DEBT PROHIBITED. The authority may not: (1) impose a tax; or (2) create debt payable from taxes. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.

Sec. 8508.0206. DEPOSITORY. (a) The board shall designate one or more banks inside or outside the authority to serve as a depository for the authority's money. (b) Authority money shall be deposited in a depository bank, except that the following may be handled as provided in a t…

Sec. 8508.0207. INVESTMENT OF AUTHORITY MONEY; APPLICATION OF INCOME FROM INVESTMENTS. (a) Money in the treasury that is not required for the current payment of obligations of the authority or for sinking funds and that the board considers available for investment may be invested…

Sec. 8508.0208. FISCAL YEAR. The authority's fiscal year ends on August 31 of each year. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.

Sec. 8508.0209. AUDIT. (a) In addition to including the information required by Subchapter G, Chapter 49, Water Code, the audit report prepared under that subchapter must state: (1) the amount of money received by the authority under this chapter during the preceding fiscal year;…

Sec. 8508.0251. LOANS AND GRANTS. (a) The authority may: (1) borrow money or accept a grant or donation for its corporate purposes from any person, including a private source, the United States, this state, or a local government; and (2) enter into an agreement in connection with…

Sec. 8508.0252. POWER TO APPLY FOR MONEY FOR ENGINEERING SURVEYS, DATA COMPILATION AND COLLECTION, AND OTHER PURPOSES. (a) The authority may apply to this state, the United States, or any other person for money necessary to: (1) secure engineering surveys and the compilation and …

Sec. 8508.0253. POWER TO ISSUE BONDS OR OTHER OBLIGATIONS. (a) For the purpose of carrying out any power provided by this chapter, including the payment of the expenses of preparing the master plan and the payment of engineering and other expenses, the authority may issue bonds o…

Sec. 8508.0254. REFUNDING BONDS. (a) The authority may issue refunding bonds to refund outstanding obligations issued under this chapter. (b) Refunding bonds may be issued in the manner provided by Chapter 1207, Government Code. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. …

Sec. 8508.0255. FORM OF OBLIGATIONS. Authority obligations must: (1) be in the form prescribed by the board; (2) be issued in the authority's name; (3) be signed by the presiding officer or a vice president; (4) be attested by the secretary; and (5) bear the authority seal. Added…

Sec. 8508.0256. MATURITY. Authority obligations must mature not later than 50 years after the date of their issuance. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.

Sec. 8508.0257. TRUST INDENTURE. Authority obligations may be further secured by a trust indenture with a corporate trustee. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.

Sec. 8508.0258. ADDITIONAL OBLIGATIONS. A pledge of revenue may reserve the right, under specified conditions, to issue additional obligations that will be on a parity with or subordinate to the obligations then being issued. Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 417…

Sec. 8508.0259. ADDITIONAL PROVISIONS IN RESOLUTION AUTHORIZING OBLIGATIONS OR TRUST INDENTURE. (a) The resolution authorizing obligations or the trust indenture further securing obligations may specify additional provisions that constitute a contract between the authority and th…