Tex. Spec. Dist. Local Laws Code Section 3895.160
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. 1203 (S.B. 233), Sec. 1, eff. June 17, 2011.

Source: Section 3895.160 — Taxes for Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­3895.­htm#3895.­160 (accessed May 4, 2024).

3895.001
Definitions 3895.002
Creation and Nature of District 3895.003
Purpose 3895.004
Findings of Benefit and Public Purpose 3895.005
District Territory 3895.006
Eligibility for Reinvestment or Enterprise Zones 3895.007
Applicability of Municipal Management Districts Law 3895.008
Liberal Construction of Chapter 3895.051
Board of Directors 3895.052
Appointment of Directors 3895.053
Nonvoting Directors 3895.054
Conflicts of Interest 3895.055
Director’s Oath or Affirmation 3895.056
Officers 3895.057
Compensation of Directors 3895.059
Quorum 3895.101
General Powers and Duties 3895.102
Improvement Projects 3895.103
Development Corporation Powers 3895.104
General Powers Regarding Contracts 3895.105
Competitive Bidding 3895.106
Economic Development 3895.107
Rules 3895.108
Name Change 3895.109
Adding or Removing Territory 3895.110
No Eminent Domain Power 3895.111
No Toll Roads 3895.112
District Employees 3895.151
General Powers Regarding Financial Matters 3895.152
Borrowing Money 3895.153
Impact Fees and Assessments 3895.154
Certain Residential Property Not Exempt 3895.155
Maintenance and Operation Tax 3895.156
Use of Surplus Maintenance and Operation Money 3895.157
Bond Issuance Plan Required Before Issuing Bonds 3895.158
Bonds and Other Obligations 3895.159
Bond Maturity 3895.160
Taxes for Bonds and Other Obligations 3895.161
Project Development Agreement Required to Impose Taxes or Borrow Money, Including Bonds 3895.162
City Not Required to Pay District Obligations 3895.201
Dissolution by City Ordinance 3895.202
Collection of Assessments and Other Revenue 3895.203
Assumption of Assets and Liabilities
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 3895.160’s source at texas​.gov