Sec. 8222.203. 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, 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. 193 (S.B. 1960), Sec. 1, eff. May 23, 2007.
Section: Previous 8222.002 8222.003 8222.004 8222.005 8222.051 8222.052 8222.101 8222.102 8222.103 8222.104 8222.105 8222.151 8222.152 8222.201 8222.202Last modified: September 28, 2016