Sec. 60.339. BONDS PAYABLE FROM TAXES. Where bonds are issued payable wholly from taxes, it is the duty of the governing body at the time of the bonds authorization to levy a tax sufficient to pay the principal of and interest on the bonds as the interest and principal become due, and to provide the reserve funds if prescribed in the resolution authorizing or the trust indenture securing the bonds.
Added by Acts 1973, 63rd Leg., p. 770, ch. 343, Sec. 1, eff. Aug. 27, 1973.
Section: Previous 60.332 60.333 60.334 60.335 60.336 60.337 60.338 60.339 60.340 60.341 60.342 60.343 60.344 60.345 60.346 NextLast modified: September 28, 2016