Texas Special District Local Laws Code 1103.203 – General Obligation Bond Election
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(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 board shall call the election. The election must be held in accordance with Chapter 1251, Government Code.
Terms Used In Texas Special District Local Laws Code 1103.203
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) The bond election order must specify:
(1) the date of the election;
(2) the location of the polling places;
(3) the presiding election officers;
(4) the amount of the bonds to be authorized;
(5) the maximum maturity of the bonds; and
(6) the maximum interest rate of the bonds.