Sec. 1013.202. TAX TO PAY GENERAL OBLIGATION BONDS. (a) At the time general obligation bonds are issued by the district under Section 1013.201, the board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on the bonds as the bonds mature.
(b) The tax required by this section together with any other ad valorem tax the district imposes may not in any year exceed 75 cents on each $100 valuation of all taxable property in the district.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.
Section: Previous 1013.151 1013.152 1013.153 1013.154 1013.155 1013.156 1013.201 1013.202 1013.203 1013.204 1013.205 1013.206 1013.207 1013.208 1013.209 NextLast modified: September 28, 2016