Texas Special District Local Laws Code 8504.301 – General Power to Borrow Money
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(a) The authority may:
(1) borrow money for any corporate purpose from any source; and
(2) issue a note, warrant, bond, certificate of indebtedness, or other form of obligation of the authority as evidence of the borrowed money.
(b) An obligation of the authority under Subsection (a) is payable only from revenue derived from authority improvements and facilities and the operation and services of the improvements and facilities.
Terms Used In Texas Special District Local Laws Code 8504.301
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.