Texas Water Code 58.441 – Election Order
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(a) After the engineer’s report is filed and approved, the board may order an election in the district to authorize the issuance of bonds.
(b) In the order, the board shall estimate the total amount of money needed to cover the items listed in Section 58.439 of this code.
Terms Used In Texas Water Code 58.441
- 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
(c) The election order shall state:
(1) the proposed maximum interest rate on the bonds;
(2) the maximum maturity date of the bonds;
(3) the time and places for holding the election; and
(4) the names of the election officers.
(d) The election order shall be entered in the minutes of the board.