Texas Special District Local Laws Code 1011.202 – Tax to Pay General Obligation Bonds
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(a) The board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on general obligation bonds issued under Section 1011.201 as the bonds mature.
(b) The tax required by this section together with any maintenance and operations tax the district imposes may not in any year exceed 75 cents on each $100 valuation of all taxable property in the district.
Terms Used In Texas Special District Local Laws Code 1011.202
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005