Sec. 8237.203. 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. 579 (S.B. 1955), Sec. 1, eff. June 16, 2007.
Section: Previous 8237.002 8237.003 8237.004 8237.005 8237.006 8237.051 8237.052 8237.101 8237.102 8237.103 8237.104 8237.151 8237.152 8237.201 8237.202Last modified: September 28, 2016