Texas SB3052 amends the Special District Local Laws Code to validate acts of the Cole Ranch Improvement District No.

Texas SB3052 amends the Special District Local Laws Code to validate all acts and proceedings of the Cole Ranch Improvement District No. 1 in Denton County that were taken before the effective date of this Act. The bill also limits the principal amount of bonds secured by ad valorem taxes issued by the district to 10 percent of the assessed value of all real property in the district. Additionally, it limits the outstanding principal amount of bonds secured by contract payments to 10 percent of the assessed value of all real property in all districts making payments under the contract.

Texas SB3052 amends the Special District Local Laws Code to validate acts of the Cole Ranch Improvement District No.

Texas SB3052 amends the Special District Local Laws Code to validate all acts and proceedings of the Cole Ranch Improvement District No. 1 in Denton County that were taken before the effective date of this Act. The bill also limits the principal amount of bonds secured by ad valorem taxes issued by the district to 10 percent of the assessed value of all real property in the district. Additionally, it limits the outstanding principal amount of bonds secured by contract payments to 10 percent of the assessed value of all real property in all districts making payments under the contract.