(a) The limitation on the outstanding principal amount of bonds, notes, and other obligations provided by Section 49.4645 (a), Water Code, does not apply to the district.
(b) The outstanding principal amount of bonds, notes, and other obligations issued to finance recreational facilities supported by ad valorem taxes may not exceed:
(1) an amount equal to three percent of the value of the taxable property in the district; or
(2) if supported by contract taxes under Section 49.108 , Water Code, an amount equal to three percent of the value of the taxable property in the districts making payments under the contract.
(c) The amounts described by Subsection (b) are calculated based on the tax rolls of the central appraisal districts at the time of the issuance of the bonds, notes, and other obligations.
Added by Acts 2019, 86th Leg., R.S., Ch. 239 (H.B. 1488 ), Sec. 1, eff. September 1, 2019.
