Texas Provides Cap on Certain Improvement District Bonds Secured by Property Taxes

The Texas Legislature enacted a law concerning the Hunter Ranch Improvement District No. 1 of Denton County. The law includes: 1) providing that the cap on the principal amount of bonds issued by the district in aggregate at 10 percent of the assessed value of all real property in the district applies to bonds secured by property taxes; and 2) providing that outstanding principal amount of bonds secured by qualifying contract payments issued by the district without an election in the aggregate is capped at 10 percent of the assessed value of all real property in all districts making payments ...