Sec. 3839.159. TAXES FOR BONDS AND OTHER OBLIGATIONS. At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:
(1) the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, for each year that all or part of the bonds are outstanding; and
(2) the district annually shall impose an ad valorem tax on all taxable property in the district in an amount sufficient to:
(A) pay the interest on the bonds or other obligations as the interest becomes due;
(B) create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date; and
(C) pay the expenses of imposing the taxes.
Added by Acts 2007, 80th Leg., R.S., Ch. 1285 (H.B. 4045), Sec. 1, eff. June 15, 2007.Section: Previous 3839.107 3839.108 3839.151 3839.152 3839.153 3839.154 3839.155 3839.156 3839.157 3839.158 3839.159 3839.160 3839.161 3839.162 3839.163 Next
Last modified: September 28, 2016