Sec. 9011.256. TAX AND RATE REQUIREMENTS. (a) If the district issues bonds payable wholly or partly from ad valorem taxes, the board shall impose a tax sufficient to pay the bonds and the interest on the bonds as the bonds and interest become due. The board may adopt the rate of the tax after considering the money received from pledged revenue available for payment of principal and interest to the extent and in the manner permitted by the resolution authorizing the issuance of the bonds.
(b) If the district issues bonds payable wholly or partly from revenue, the board shall set and revise the rates of compensation for the use of the systems and services rendered by the district.
(c) For bonds payable wholly from revenue, the rates of compensation must be sufficient to:
(1) pay the expense of operating and maintaining the facilities of the district;
(2) pay the bonds as they mature and the interest as it accrues; and
(3) maintain the reserve and other funds as provided by the resolution authorizing the issuance of the bonds or the trust indenture.
(d) For bonds payable partly from revenue, the rates of compensation must be sufficient to assure compliance with the resolution authorizing the issuance of the bonds or with the trust indenture.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
Section: Previous 9011.201 9011.202 9011.203 9011.204 9011.251 9011.252 9011.253 9011.254 9011.255 9011.256 9011.257 9011.258 9011.259 9011.260 9011.261 NextLast modified: September 28, 2016