Section 1431.008 - Ad Valorem Taxes As Source of Payment(a) A governing body may not issue anticipation notes that are payable from bonds secured by an ad valorem tax unless the proposition authorizing the issuance of the bonds: (1) is approved by a majority of the votes cast in an election held by the issuer; and(2) states that anticipation notes may be issued.(b) A governing body that pledges to the payment of anticipation notes an ad valorem tax to be imposed in a subsequent fiscal year shall impose the tax in the ordinance or order that authorizes the issuance of the notes.Tex. Gov't. Code § 1431.008
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. 9/1/1999.