Sec. 9059.206. BONDS SECURED BY AD VALOREM TAXES. (a) If bonds have been voted, the board shall impose a continuing ad valorem tax on all property in the district sufficient:
(1) to pay the principal and interest on the bonds as the principal and interest respectively mature;
(2) to create and maintain any reserve required by the resolution or resolutions authorizing the issuance of the bonds;
(3) to pay the expense of assessing and collecting the tax; and
(4) for anticipated delinquencies in the tax payments.
(b) The board annually shall determine and set or cause to be determined and set the rate of the ad valorem tax to be imposed under this section.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016