Section 1040.202 - Tax to Pay General Obligation Bonds(a) The board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on general obligation bonds issued by the district under Section 1040.201 as the bonds mature.(b) The tax required by this section together with any maintenance and operation tax the district imposes may not in any year exceed 75 cents on each $100 valuation of all taxable property in the district.Tex. Spec. Dist. Loc. Laws § 1040.202
Added by Acts 2007, 80th Leg., R.S., Ch. 920, Sec. 1.02, eff. 4/1/2009.