(a) The governing board of an independent school district, including the city council or commission that has jurisdiction over a municipally controlled independent school district, the governing board of a rural high school district, and the commissioners court of a county, on behalf of each common school district under its jurisdiction, may:
(1) issue bonds for:
(A) the construction, acquisition, and equipment of school buildings in the district;
(B) the acquisition of property or the refinancing of property financed under a contract entered under Subchapter A, Chapter 271, Local Government Code, regardless of whether payment obligations under the contract are due in the current year or a future year;
(C) the purchase of the necessary sites for school buildings;
(D) the purchase of new school buses;
(E) the retrofitting of school buses with emergency, safety, or security equipment; and
(F) the purchase or retrofitting of vehicles to be used for emergency, safety, or security purposes; and
(2) levy, pledge, assess, and collect annual ad valorem taxes sufficient to pay the principal of and interest on the bonds as or before the principal and interest become due, subject to Section 45.003.
(b) The bonds must mature serially or otherwise not more than 40 years from their date. The bonds may be made redeemable before maturity.
(c) Bonds may be sold at public or private sale as determined by the governing board of the district.