Tex. Spec. Dist. Local Laws Code Section 8218.203
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.
Added by Acts 2007, 80th Leg., R.S., Ch. 580 (S.B. 1961), Sec. 1, eff. June 16, 2007.

Source: Section 8218.203 — Taxes for Bonds and Other Obligations, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8218.­htm#8218.­203 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 8218.203’s source at texas​.gov