Sec. 8149.202. 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 the continuing direct annual 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. 1170 (H.B. 3502), Sec. 1, eff. June 18, 2005.
Section: Previous 8149.003 8149.004 8149.005 8149.051 8149.052 8149.101 8149.102 8149.103 8149.104 8149.105 8149.106 8149.151 8149.152 8149.201 8149.202Last modified: September 28, 2016