Sec. 7807.206. TAXES FOR BONDS. The board of directors may impose continuing direct annual ad valorem taxes on all taxable property in the district sufficient to:
(1) provide for the payment of interest on bonds issued under this subchapter as the interest accrues; and
(2) create and provide a sinking fund for the payment of principal of the bonds as the principal matures.
Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.02, eff. April 1, 2013.
Section: Previous 7807.109 7807.110 7807.111 7807.112 7807.151 7807.152 7807.153 7807.154 7807.201 7807.202 7807.203 7807.204 7807.205 7807.206 7807.207 NextLast modified: September 28, 2016