Tex. Spec. Dist. Local Laws Code Section 3861.160
Taxes for Bonds and Other Obligations


(a)

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.

(b)

Bonds or other obligations that are secured by and payable from ad valorem taxes may not be issued unless the bonds and the imposition of the taxes are approved by:

(1)

a majority of the district voters voting at an election held for that purpose; and

(2)

the governing body of the city.

(c)

The district shall hold an election required by this section in the manner provided by Chapter 54 (Municipal Utility Districts), Water Code.
Added by Acts 2007, 80th Leg., R.S., Ch. 531 (S.B. 919), Sec. 1, eff. June 16, 2007.

Source: Section 3861.160 — Taxes for Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3861.­htm#3861.­160 (accessed Jun. 5, 2024).

3861.001
Definitions
3861.002
Creation and Nature of District
3861.003
Purpose
3861.004
Findings of Benefit and Public Purpose
3861.005
District Territory
3861.006
Eligibility for Inclusion in Special Zones
3861.051
Governing Body
3861.052
Appointment or Election of Directors
3861.053
Eligibility
3861.054
Vacancy
3861.055
Director’s Oath or Affirmation
3861.056
Officers
3861.057
Compensation
3861.101
General Powers and Duties
3861.102
Improvement Projects
3861.103
General Powers Regarding Contracts
3861.104
Rules
3861.105
Name Change
3861.106
Use of Roadway, Park, or Other Public Area of the District
3861.107
Adding or Removing Territory
3861.108
Economic Development
3861.109
Terms of Employment
3861.110
No Eminent Domain Power
3861.151
General Powers Regarding Financial Matters
3861.152
Borrowing Money
3861.153
Impact Fees and Assessments
3861.154
Certain Residential Property Not Exempt
3861.155
Maintenance and Operation Tax
3861.156
Use of Surplus Maintenance and Operation Money
3861.157
Bond Issuance Plan Required Before Issuing Bonds
3861.158
Bonds and Other Obligations
3861.159
Bond Maturity
3861.160
Taxes for Bonds and Other Obligations
3861.161
Project Development Agreement Required to Impose Taxes or Borrow Money, Including Bonds
3861.201
Division of District
3861.202
Election for Division of District
3861.203
Appointment of Directors of New Districts
3861.204
Continuing Powers and Obligations of New Districts
3861.205
Contract Authority of New Districts
3861.251
Dissolution by City Ordinance
3861.252
Collection of Assessments and Other Revenue
3861.253
Assumption of Assets and Liabilities
3861.0521
Requirement to Elect All Directors

Accessed:
Jun. 5, 2024

§ 3861.160’s source at texas​.gov