Regulación sobre la emisión de bonos en distritos de agua en Texas

A general manager, who may be a director of either district, may be employed for such project, whose duties may be set forth in the joint ownership contract. Acts 1918, 35th Leg., 4th C.S., p. 74, ch. 43. Statute text rendered on: 1/1/2022 - 20 - AUXILIARY WATER LAWS Art. 7859. ISSUANCE OF BONDS. Immediately after their organization, the directors shall enter an order directing the issuance of bonds for such district within the limits authorized by the election held therefor, sufficient to cover the cost of the proposed improvements, all of the expenses incident thereto, and the expenses necessarily incurred in connection with the creation and establishment of the district; and they shall levy a tax upon all property subject to taxation in the district, sufficient to pay the interest on such bonds, with an amount to be placed in the sinking fund sufficient to redeem said bonds at maturity, and such levy shall remain as a levy for such purpose until a new levy is made. Acts 1918, 35th Leg., 4th C.S., p. 74, ch. 43. Art. 7860. BONDS: REQUISITES. All bonds issued under this chapter shall be governed by the provisions of Chapter 2 of this title governing the issuance, denomination, rate of interest, maturity dates, manner of payment, proceedings to test validity, and registration by the Comptroller, of bonds of water improvement districts. Acts 1918, 35th Leg., 4th C.S., p. 74, ch. 43. Art. 7861. BONDS: LIMIT OF ISSUE. Said bonds shall not exceed in amount one-fourth of the asses