Sec. 8233.203. TAXES FOR BONDS. At the time bonds 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 as the interest becomes due;
(B) create a sinking fund for the payment of the principal of the bonds 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. 1284 (H.B. 4024), Sec. 1, eff. June 15, 2007.
Section: Previous 8233.001 8233.002 8233.003 8233.004 8233.005 8233.051 8233.052 8233.101 8233.102 8233.103 8233.151 8233.152 8233.201 8233.202Last modified: September 28, 2016