Sec. 8241.204. 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. 948 (H.B. 3998), Sec. 1, eff. June 15, 2007.
Section: Previous 8241.003 8241.004 8241.005 8241.051 8241.052 8241.101 8241.102 8241.103 8241.104 8241.105 8241.151 8241.152 8241.201 8241.202 8241.203Last modified: September 28, 2016