Texas Special District Local Laws Code 1067.203 – 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.
Terms Used In Texas Special District Local Laws Code 1067.203
- 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 order calling the election must specify:
(1) the nature and date of the election;
(2) the hours during which the polls will be open;
(3) the location of the polling places;
(4) the amount of the bonds to be authorized; and
(5) the maximum maturity of the bonds.
(d) Notice of a bond election shall be given as provided by Section 1251.003, Government Code.
(e) The board shall declare the results of the bond election.
(f) Except as otherwise provided by this chapter, the election is governed by the general laws relating to county elections.