Section 3840.159 - Taxes for Bonds and Other Obligations At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:
(1) the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, for each year that all or part of the bonds are outstanding; and(2) the district annually shall impose a continuing direct ad valorem tax on all taxable property in the district in an amount sufficient to:(A) pay the interest on the bonds or other obligations as the interest becomes due;(B) create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date; and(C) pay the expenses of imposing the taxes.Tex. Spec. Dist. Loc. Laws § 3840.159
Added by Acts 2007, 80th Leg., R.S., Ch. 1344, Sec. 1, eff. 6/15/2007.