Tex. Spec. Dist. Local Laws Code Section 3841.159
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 the 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.
Added by Acts 2005, 79th Leg., Ch. 437 (S.B. 1805), Sec. 1, eff. June 17, 2005.

Source: Section 3841.159 — Taxes for Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3841.­htm#3841.­159 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 3841.159’s source at texas​.gov