Sec. 1105.202. TAX TO PAY GENERAL OBLIGATION BONDS. (a) At the time general obligation bonds are issued by the district, the board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund and 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 imposed for the district may not in any year exceed 75 cents on each $100 valuation of taxable property.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.01, eff. April 1, 2013.
Section: Previous 1105.114 1105.151 1105.152 1105.153 1105.154 1105.155 1105.156 1105.201 1105.202 1105.203 1105.204 1105.205 1105.206 1105.251 1105.252 NextLast modified: September 28, 2016