Sec. 8242.202. TAXES FOR BONDS. At the time bonds payable in whole or in part 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. 540 (S.B. 1070), Sec. 1, eff. June 16, 2007.
Section: Previous 8242.001 8242.002 8242.003 8242.004 8242.005 8242.051 8242.052 8242.053 8242.101 8242.102 8242.103 8242.151 8242.152 8242.201Last modified: September 28, 2016