(a) On approval by resolution of the board, the district may purchase for the district the following property: Levingston Island, also known as Harbor Island, located in the bend of the Sabine River, opposite the City of Orange and located in Calcasieu Parish, Louisiana.
(b) The property purchased under this section is not territory in the district's boundaries. The authority to purchase the property described in this section and the purchase of that property is not the annexation or attempted annexation of the property to the State of Texas from the State of Louisiana.
(c) The district may:
(1) provide projects and facilities on the property purchased under this section for purposes of economic development to benefit the district; and
(2) issue bonds and other obligations of the district secured by the revenue from the projects and facilities provided on the property purchased under this section for the purposes of constructing, acquiring, and maintaining those projects and facilities.
(d) The district may not impose ad valorem taxes in the district to finance the projects and facilities provided under this section.