Tex. Spec. Dist. Local Laws Code Section 3894.160
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 2011, 82nd Leg., R.S., Ch. 880 (S.B. 234), Sec. 1, eff. June 17, 2011.

Source: Section 3894.160 — Taxes for Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3894.­htm#3894.­160 (accessed Mar. 23, 2024).

3894.001
Definitions
3894.002
Creation and Nature of District
3894.003
Purpose
3894.004
Findings of Benefit and Public Purpose
3894.005
District Territory
3894.006
Eligibility for Reinvestment or Enterprise Zones
3894.007
Applicability of Municipal Management Districts Law
3894.008
Liberal Construction of Chapter
3894.051
Board of Directors
3894.052
Appointment of Directors
3894.053
Nonvoting Directors
3894.054
Conflicts of Interest
3894.055
Director’s Oath or Affirmation
3894.056
Officers
3894.057
Compensation of Directors
3894.059
Quorum
3894.101
General Powers and Duties
3894.102
Improvement Projects
3894.103
Development Corporation Powers
3894.104
General Powers Regarding Contracts
3894.105
Competitive Bidding
3894.106
Economic Development
3894.107
Rules
3894.108
Name Change
3894.109
Adding or Removing Territory
3894.110
No Eminent Domain Power
3894.111
No Toll Roads
3894.112
District Employees
3894.151
General Powers Regarding Financial Matters
3894.152
Borrowing Money
3894.153
Impact Fees and Assessments
3894.154
Certain Residential Property Not Exempt
3894.155
Maintenance and Operation Tax
3894.156
Use of Surplus Maintenance and Operation Money
3894.157
Bond Issuance Plan Required Before Issuing Bonds
3894.158
Bonds and Other Obligations
3894.159
Bond Maturity
3894.160
Taxes for Bonds and Other Obligations
3894.161
Project Development Agreement Required to Impose Taxes or Borrow Money, Including Bonds
3894.162
City Not Required to Pay District Obligations
3894.201
Dissolution by City Ordinance
3894.202
Collection of Assessments and Other Revenue
3894.203
Assumption of Assets and Liabilities

Accessed:
Mar. 23, 2024

§ 3894.160’s source at texas​.gov