Sec. 3889.203. 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 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; and
(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.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1192 (H.B. 3828), Sec. 1, eff. June 17, 2011.Section: Previous 3889.110 3889.151 3889.152 3889.153 3889.154 3889.155 3889.156 3889.157 3889.201 3889.202 3889.203 3889.204 3889.251 3889.252 3889.253 Next
Last modified: September 28, 2016