Sec. 8142.202. 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 2005, 79th Leg., Ch. 901 (S.B. 1873), Sec. 1, eff. June 17, 2005.
Section: Previous 8142.003 8142.004 8142.005 8142.051 8142.052 8142.101 8142.102 8142.103 8142.104 8142.105 8142.106 8142.151 8142.152 8142.201 8142.202Last modified: September 28, 2016