Tex. Spec. Dists. Code § 3992.0502

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 3992.0502 - 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 for each year that all or part of the bonds are outstanding; and
(2) the board annually shall impose an 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; and
(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.
(b) The New Waverly Municipal Management District No. 1 initially includes all the territory contained in the following area:

Tract 1 - 101.605 Acres:

FIELDNOTES TO 101.605 ACRES OF LAND AS SITUATED IN THE CITY OF NEW WAVERLY, IN THE C. A. SLEIGHT SURVEY, A-496, WALKER COUNTY, TEXAS, AND BEING OUT OF THAT CERTAIN CALLED 132.629 ACRE TRACT CONVEYED BY JOE T. HODDE, TRUSTEE, TO HMH-WALKER 140 LIMITED BY DEED RECORDED IN VOLUME 255, PAGE 1 OF THE DEED RECORDS OF SAID COUNTY. SAID 101.605 ACRES BEING MORE PARTICULARY DESCRIBED BY METES AND BOUNDS AS FOLLOWS:

BEGINNING at a 1/2 inch iron rod set for the north corner of this and of said 132.629 acres on the southwest right-of-way of State Highway 150, same being the east corner of the Emma Reese 1.0 acre tract described in Volume 265, Page 625 of said deed records;

THENCE: S 59° 58' E 647.74 Ft., with said southwest right-of-way, to a 1/2 inch iron rod set for an exterior corner of this tract, same being the north corner of proposed New Waverly Ridge II Commercial Lot 4;

THENCE: S 30° 02' W 600.00 Ft., on a line within said 132.629 acres and with the northwest line said Lot 4 to its west corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: S 59° 58' E 300.00 Ft., continuing within said 132.629 acres and with the southwest line of said Lot 4 to its south corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: N 30° 02' E 600,00 Ft., continuing within said 132.629 acres and with the southeast line of said Lot 4 to its east corner, a 1/2 inch iron rod set for an exterior corner of this tract on the northeast line of said 132.629 acres, same being on the southwest right-of-way of said State Highway 150;

THENCE: S 59° 58' E 669.60 Ft., with said southwest right-of-way and 132.629 acre northeast line, to a 1/2 inch iron rod set for an exterior corner of this tract, same being the north corner of proposed New Waverly Ridge II Commercial Lot 1;

THENCE: S 30° 02' W 600.00 Ft., on a line within said 132.629 acres and with the northwest line of said Lot 1 to its west corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: S 59° 58' E 836.94 Ft., continuing within said 132.629 acres and with the southwest lines of said Lot 1, of New Waverly Ridge Commercial Lot 2 as shown on plat recorded in Volume 3, Page 130 of the plat records of said county and of New Waverly Ridge Commercial Lot 3, as shown on plat recorded in Volume 3, Page 154 of said plat records to a 1/2 inch iron rod set for an interior corner of this tract, same being the south corner of said New Waverly Ridge Lot.3;

THENCE: N 30° 02' E 591.12 Ft., continuing on said 132.629 acres and with the southeast lines of said New Waverly Ridge Lot 3 to its east corner, a 1/2 inch iron rod set for an exterior corner of this tract on the southwest right-of-way of said State Highway 150, same being on the northeast line of said 132.629 acres;

THENCE: S 58° 03° E 80.04 Ft., with said southwest right-of-way and being 132.629 acre northeast line, to a 1/2 inch iron rod set for the upper east corner of this tract, same being the north corner of the proposed New Waverly Ridge Commercial Lot 4;

THENCE: N 30° 02' W 588.44 Ft., on a line within said 132.629 acres and with the northwest line of said New Waverly Ridge Lot 4 to its west corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: S 59° 58' E 286.28 Ft., continuing within said 132.629 acres and with the southwest line of said Lot 4 to its south corner, a 1/2 inch iron rod set for the east corner of this tract on the northwest line of New Waverly Ridge Commercial Lot 1 as shown on plat recorded in Vole 3, Page 130 of said plat records;

THENCE: S 16° 03' W 516.29 Ft., continuing within said 132.629 acres and with said Lot 1 northwest line to its west corner, a 1/2 inch iron rod set for the lower east corner of this tract on the southeast line of said 132.629 acres, same being on the northwest right-a-way of Longstreet Road;

THENCE: With said 132.629 acre southeast line and Longstreet Road northwest right-of-way as follows:

S 81° 03' W 45.11 Ft.

S 80° 05' W 216.95 Ft.

S 77° 48' W 222.57 Ft.

S 75° 05' W 122.55 Ft.

to a 1/2 inch iron rod set for an exterior corner of this tract, same being the east corner of the Southwestern Bell Telephone Company 0.057 acre tract described in Volume 423, Page 556 of said deed records;

THENCE: N 10° 43' W 50.00 Ft., on a line within said 132.629 acres and with the northeast line of said 0.057 acre to its north corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: S 75° 05' W 50.00 Ft., continuing within said 132.629 acres and with the northwest line of said 0.057 acre to its west corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: S 10° 43' E 50.00 Ft., continuing within said 132.629 acres and with the southwest line of said 0.057 acre to its south corner, a concrete monument found for exterior corner of this tract on the southeast line of said 132.629 acres, same being on the northwest right-of-way of said Longstreet Road;

THENCE: S 74° 19' W 472.13 Ft. and S 68° 33' W 147.67 Ft., with said 132.629 acre southeast line and Longstreet Road northwest right-of-way, to a 3 inch iron pipe found for the south corner of this and of said 132.629 acres, same being the east corner of the Western Grove Missionary Baptist Church tract which no deed of record was located;

THENCE: N 24° 49' W 170.48 Ft, with the northeast line of said church tract to its north corner, a 1/2 inch iron rod set for an interior corner of this tract;

THENCE: S 53° 09' W 157.03 Ft., with the northwest line of said church tract to its west corner, a 1/2 inch iron rod set for an exterior corner of this tract on the northeast line of Fritz Kelly 2.0 acre tract described in Volume 123, Page 716 of said deed records;

THENCE: N 60° 07' W 1003.34 Ft., with the southwest line of said 132.629 acres and the northeast lines of said 2.0 acres, of the Jimmie Cain Jr. 5.89 acre tract described in Volume 252, Page 75 of the official records of said county, of the Jourdon Sanders 1.0 acre tract described in Volume 395, Page 899 of said deed records and of the Mildred Harris 1.07 acre tract described in Volume 227, Page 285 of said deed records, to a 1 inch iron pipe found for an exterior corner of this tract, same being the south corner of the City of New Waverly 2.8708 acre tract described in Volume 425, Page 874 of said deed records;

THENCE: N 29° 55' E 304.96 Ft., with the southeast line of said 2.8708 acres to its east corner, a 1 inch iron pipe found for an interior corner of this tract;

THENCE: N 60° 07' W 409.90 Ft., with the northeast line of said 2.8708 acres to its north comer, a 1 inch iron pipe found for an interior corner of this tract;

THENCE: S 29° 51' W 304.96 Ft., with the northwest line of said 2.8708 acres to its west corner, a 1 inch iron pipe found for an exterior corner of this tract on the southwest line of said 132.629 acres, same being on the northeast line of the Roy Clark 2.44 acre tract described in Volume 311, Page 569 of said deed records;

THENCE: N 60° 07' W 389.41 Ft., with said 132.629 acre southwest line and the northeast lines of said 2.44 acres and of the Patricia L. Crowley 0.771 acre described as Tract One in Volume 248, Page 497 of said official records, to a 1/2 inch iron rod set for an exterior corner of this and of said 132.629 acres on the northeast right-of-way of Interstate Highway 45, same being the north corner of said 0.771 acre;

THENCE: N 11° 12' W 46.73 Ft., with said northeast right-of-way, to a 1/2 inch iron pipe found for the west corner of this and of said 132.629 acres, same being the south corner of the Patricia L. Crowley 2.559 acres described as Tract Two in Volume 248, Page 497 of said official records;

THENCE: N 30° 27' E 507.40 Ft., with the southeast line of said 2.559 acres to its east corner, a 1/2 inch iron rod found for an interior corner of this and of said 132.629 acres, same being the south corner of the Artie L. Moses, et. al., residue of a 15 acre tract described in Volume 272, Page 667 of said official records;

THENCE: N 29° 57' E 542.03 Ft., with the southeast line of said residue of 15 acres to its east corner, a 5/8 inch iron rod found for an interior corner of this and of said 132.629 acres, same being the south corner of the Ned Jourdan 3.842 acre tract described in Volume 390, Page 640 of said deed records;

THENCE: N 29° 47' E 960.15 Ft., with the southeast lines of said 3.842 acres, of the Frances Gi1laspie 1.50 acre tract described in Volume 162, Page 85 of said deed records and of said Reese 1.0 acre, to the PLACE OF BEGINNING AND CONTAINING WITHIN THESE BOUNDS 101.605 ACRES OF LAND.

TRACT 2:

Being 1.07 acres of land, situated in the C.A. SLEIGHT Survey, Abstract No. 496, Walker County, Texas, and being out of and a part of the residue of a called 15.00 acre tract of land described in a Deed Deed from Isom Mickle, et ux. to Lucretia Moses dated 17 Nov. 1925 and recorded in Volume 56, Page 147, Deed Records, Walker County, Texas, said 1.07 acres being more definitely described by metes and bounds as follows:

BEGINNING at the most westerly corner of the said 15 acre tract, same being a northern corner of a called 523.55 acre tract described in a Deed from John Henry Hall et al to Judy C. Campbell recorded in Volume 0861, Page 140, Official Records and being a point in the southeastern line of a called 3.76 acre tract described in a Deed from Joan Lee, Trustee to Ralph A. Cadwallader, recorded in Volume 0787, Page 501, Official Records, Walker County, Texas, found a 3" iron pipe (set a 5/8" iron rod w/cap in center of pipe) for corner;

THENCE S 59°36'04" E along the common boundary line of said 523.55 acre Campbell tract and the said 15 acre Moses tract, a distance of 286.28 feet to a 5/8" iron rod set in the west right-of-way line of Interstate 45, said iron rod being the most southern corner of the herein described 1.07 acre and the southwest corner of a called 7.43 acre tract described in a Deed from Lucretia Moses to the State Highway Commission, dated 5 Aug. 1958 and recorded in Volume 161, Page 111, Deed Records, Walker County, Texas;

THENCE N 11°07'21" W along the said west right-of-way line of Interstate 45, a distance of 435.60 feet to the most northern corner of the herein described 1.07 acre tract, same being a southeast corner of the said 3.76 acre Cadwallader tract, set a 5/8" iron rod w/cap, from which a 1/2" iron rod bears S 29°57'48" W a distance of 1.62 feet, and a 5/8" iron rod w/cap brs. N 11°46'38" W a distance of 79.19 feet;

THENCE S 29°57'48" W along the common boundary line of the said 3.76 acre Cadwallader tract and the said 15 acre Moses tract, a distance of 326.15 feet to the POINT OF BEGINNING. Containing 1.07 acres of land.

TRACT 3:

Being 6.56 acres of land, situated in the C.A. SLEIGHT Survey, Abstract No. 496, Walker County, Texas, and being out of and a part of the residue of a called 15.00 acre tract of land described in a Deed from Isom Mickle, et ux. to Lucretia Moses dated 17 Nov. 1925 and recorded in Volume 56, Page 147, Deed Records, Walker County, Texas, said 6.56 acres being more definitely described by metes and bounds as follows:

BEGINNING at the most southern corner of the said 15 acre tract, same being the most eastern corner of a called 2.559 acre tract described as Tract 2 in a deed dated 29 March 1995 from Martin J. Ross III, et al to Patricia L. Crowley, recorded in Volume 0248, Page 497, Official Records, and a point in the west line of a called 101.65 acre tract described in a Deed dated 26 April 2006 from HMH-Walker 140 Limited to Thornberry Family Partnership, recorded in Volume 0745, Page 678, Official Records, found a 1/2" iron rod for corner;

THENCE N 30°01'04" W along an old barbed wire fence and with the common line of said 101.65 acre Thornberry and the 15 acre Moses tracts, a distance of 398.88 feet to a 5/8" iron rod set for the most easterly corner of the said Moses tract, said iron rod also being the south corner of called 1 acre tract described in a deed to Emma Reece and recorded in Volume 273, Page 702, Deed Records and from which a iron stake found (disturbed) brs S 60°38'04" E distance of 1.89 feet and a found 5/8" iron rod w/cap brs. N 30°01'04"E a distance of 143.36 feet;

THENCE N 60°38'04 W along the common line of said 1 acre Reece and 15 acre Moses tracts, at a calculated distance of 285 feet pass the southwest corner of said 1 acre Reece tract, same being the southeast corner of a called 1 acre tract described in a deed to Carolyn Anderson and recorded in Volume 389, Page 642, Deed Records, and continuing on a total distance of 570 feet to a found 3/8"x2" flat iron stake (set a 5/8" iron rod w/cap beside) for a reentrant corner of the said 15 acre Moses tract and the most westerly corner of said 1 acre Anderson tract;

THENCE N 29°21'56" E with the common boundary line of the 1 acre Anderson tract and the 15 acre Moses tract, a distance of 142.33 to a 5/8" iron rod set for corner, said iron rod being the northwest corner of said 1 acre Anderson tract and a point in the south line of a 2 acre tract described in a deed to Lula Rogers, et al, and recorded in Volume 83, Page 596, Deed Records, Walker County, Texas;

THENCE N 60°44'12" W along common line of said 2 acre Rogers and 15 acre Moses tracts, at a distance of 97.32 feet pass a found 5"x 3.5" wagon axle housing for the west corner of said 2 acre Rogers tract and the south corner of the residue a called 7 acre tract described in a deed to Harrison Hector and recorded in Volume 83, Page 595, Deed Records, and continuing on for a total distance of 338.96 to a set 5/8" iron rod for the most north corner of the herein described tract, said iron rod being in the east right-of-way of said Interstate 45 and being the southern corner of a called 2.67 acre tract described in a deed to the State Highway Commission and recorded in Volume 161, Page 161, Deed Records, Walker County, Texas;

THENCE S 11°09'E with the said east right-of-way line of Interstate 45 a distance of 716.09 feet to a point for corner, said point being in the southwest line of the said 15 acre tract and being the most northern corner of the said Crowley 2.559 acre tract and from which the center of a 3" galvanized fence post brs S 63°43'36"E a distance of 0.42 feet, a 1/2" iron pipe (disturbed) brs S58°20'05"W a distance of 1.06 feet and a 5/8" iron rod with cap (set for reference) brs N 72° W a distance of 0.21 feet;

THENCE S 61°07'56" W with the common line of said 2.559 acre P. Crowley and 15 acre Moses tracts, a distance of 439.22 feet to the PLACE OF' BEGINNING.

Containing 6.56 acres of land.

Tract 4 - 4.846 ACRES:

A tract or parcel of land containing 4.846 acres (211,071 square feet) out of the C.A. Sleight 1/3 League, Abstract No. 496, Walker County, Texas, being all of the called 3.842 acre tract and all of the called 1.000 acre tract conveyed to Ned Jordan, Jr., as recorded in Volume 390, Page 640 of the Walker County Deed Records (W.C.D.R.), said 4.846 acres being more particularly described by metes and bounds as follows: (The basis of bearing for this description is the monumented north line of the subject tract called SOUTH 61 degrees 05 minutes 45 seconds EAST, as recorded in said Volume 390, Page 640)

BEGINNING at a 1/2-inch iron rod found at the northwest corner of said 1.000 acre tract and the northwest corner of the herein described tract, being the northeast corner of the 2 acre tract conveyed to Edward Crawford, as recorded in Volume 83, Page 596 of the W.C.D.R., and the southwest corner of the 1.50 acre tract conveyed to Frances Gillaspie, as recorded in Volume 162, Page 85 of the W.C.D.R., lying at the terminus of Colony Road;

THENCE SOUTH 61 degrees 05 minutes 45 seconds EAST along the south line of said 1.50 acre tract, at 264.05 feet passing a 5/8-inch iron rod found at the northeast corner of said 1.000 acre tract and continuing for a total distance of 473.50 feet to a 5/8-inch iron rod found at the northeast corner of the herein described tract;

THENCE SOUTH 29 degrees 32 minutes 14 seconds WEST, 444.11 feet (called S 29 Deg. 37'03" W, 444.12') along the west line of the 101.605 acre tract conveyed to the Thornberry Family Partnership, Ltd., as recorded in Volume 776, Page 655 of the Official Public Records of Walker County (O.P.R.W.C.), to a 5/8-inch iron rod found at the southeast corner of the herein described tract;

THENCE NORTH 61 degrees 05 minutes 45 seconds WEST, 477.09 feet (called 476.47') along the north lines of a 1 acre tract, described as a save & except tract to Emma Reese and another 1 acre tract conveyed to Carolyn Anderson, as recorded in Volume 389, Page 642 of the W.C.D.R., to a 5/8-inch iron rod found at the southwest corner of the herein described tract;

THENCE NORTH 30 degrees 00 minutes 00 seconds EAST along the east line of said 2 acre Crawford tract, at 279.16 feet passing the southwest corner of said 1.000 acre Jordan tract, and continuing for a total distance of 444.17 feet to the POINT OF BEGINNING of the herein described tract, containing 4.846 acres (211,071 square feet) of land. Drawing No. B-502 was prepared to accompany this description, and is on file in the office of C&R Surveying, Inc.

Tract 5:

Field Notes to 3.285 acres of land situated in the City of New Waverly, in the C.A. Sleight Survey, A-496, Walker County, Texas, and being out of the 124.818 acres residue of that certain called 132.629 acres tract conveyed by Joe. T. Hode, Trustee, to HMW-I40 Walker Limited by deed recorded in volume 253, page 1 of the deed records of said Walker County, Texas, said 3.285 acres being more particularly described by metes and bounds as follows;

BEGINNING at a 5/8 inch iron rod found for the northeast corner of this and of said 124.818 acre residue tract, same being the northwest corner of the Earl Biscamp 3.00 acre tract described in Volume 338, Page 735 of the official records of said County and being on the south right of way of State Highway 150;

THENCE: S 26°58' W 429.09 ft., with the west line of said 3.00 acres to its southwest corner, a 5/8 inch iron rod found for an interior corner of this tract, same being the northwest corner of commercial lot 1 of New Waverly Ridge Subdivision as shown on plat recorded in Volume 3, Page 130 of the plat records of said County;

THENCE: S 16°03' W 157.08 ft., with the west line of said Lot 1, to a 1/2 inch iron rod set for the southeast corner of this tract;

THENCE: N 59°58' W 286.28 ft., on a line within said 132.629 acres, to a 1/2 inch iron rod set for the southwest corner of this tract;

THENCE: N 30°02' W 588.44 ft., continuing within said 132.629 acres, to a 1/2 inch iron rod set for the northwest corner of this tract on the south right of way of State Highway 150, same being the north line of said 132.629 acres;

THENCE: S 58°03' E 225.49 ft., with said north line and south right of way, to the place of beginning and containing within these bounds 3.285 acres of land.

Tex. Spec. Dist. Loc. Laws § 3992.0502

Added by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 990,Sec. 3, eff. 1/1/2022.