Texas Special District Local Laws Code 1011.203 – 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 may order a bond election on its own motion.
Terms Used In Texas Special District Local Laws Code 1011.203
- 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.
- Week: means seven consecutive days. See Texas Government Code 311.005
(c) The order must specify:
(1) the location of the polling places;
(2) the presiding election officers;
(3) the purpose for which the bonds are to be issued;
(4) the amount of the bonds to be authorized;
(5) the maximum interest rate of the bonds; and
(6) the maximum maturity date of the bonds.
(d) Notice of a bond election shall be given by publishing a substantial copy of the order in a newspaper of general circulation in Schleicher County once each week for two consecutive weeks before the date of the election. The first publication must occur at least 14 days before the date of the election.