Sec. 55.532. FUNDS TO REPAIR DAMAGED IMPROVEMENTS. (a) If improvements of the district are damaged, the district may issue bonds or notes to secure funds to repair the damage.
(b) The district's notes may not be for a term of more than 20 years. The board may issue the notes in serial form to mature in installments.
(c) Before the notes are issued, the board shall order an election to be held to approve the issuance of the notes and shall give notice of the election in the manner provided for bond elections. The notice shall include the purpose for which the notes are being issued, the rate of interest, the term of the notes, and the time and place of the election.
(d) The ballots for the election shall be printed to provide for voting for or against the following proposition: "Issuance of notes."
(e) The election shall be held and returns made and canvassed in the manner provided for bond elections.
(f) If two-thirds of the persons voting in the election vote in favor of issuing the bonds, the board may issue and sell the bonds for the benefit of the district.
(g) When the notes are issued or sold, the board shall levy a tax to pay interest on the bonds and to create a sinking fund sufficient to pay the interest and the notes before they mature.
Acts 1971, 62nd Leg., p. 473, ch. 58, Sec. 1, eff. Aug. 30, 1971.
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