Texas Transportation Code - Section 257.112. Bonds And Tax Authorized
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§ 257.112. BONDS AND TAX AUTHORIZED. As provided by
Section 52, Article III, Texas Constitution, to construct,
maintain, and operate macadamized, graveled, or paved roads or
turnpikes, or in aid of those activities, two or more adjoining
counties or portions of adjoining counties through a road district
established under this subchapter may:
(1) issue bonds in any amount not to exceed one-fourth
of the taxable value of the real property located in the district;
(2) impose an annual ad valorem tax to pay the interest
on the bonds; and
(3) provide a sinking fund for the redemption of the
bonds.
Acts 1995, 74th Leg., ch. 165, § 1, eff. Sept. 1, 1995.
Section: 257.105 257.106 257.107 257.108 257.109 257.110 257.111 257.112 257.113 257.114 257.115 257.116 257.117 257.118 257.119
Last modified: August 10, 2007
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