Tex. Spec. Dists. Code § 8212.204

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 8212.204 - 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 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;
(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 § 8212.204

Added by Acts 2007, 80th Leg., R.S., Ch. 581, Sec. 1, eff. 6/16/2007.