Sec. 8232.204. 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. 440 (S.B. 1967), Sec. 1, eff. June 15, 2007.
Section: Previous 8232.003 8232.004 8232.005 8232.051 8232.052 8232.101 8232.102 8232.103 8232.104 8232.105 8232.151 8232.152 8232.201 8232.202 8232.203Last modified: September 28, 2016