Sec. 8349.202. 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, at a rate not to exceed the rate approved at an election held under Section 8349.151, 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 2009, 81st Leg., R.S., Ch. 1085 (H.B. 4778), Sec. 1, eff. June 19, 2009.
Section: Previous 8349.052 8349.101 8349.102 8349.103 8349.104 8349.105 8349.106 8349.107 8349.108 8349.109 8349.110 8349.151 8349.152 8349.201 8349.202Last modified: September 28, 2016