Texas Special District Local Laws Code 3837.156 – Taxes for Bonds and Other Obligations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Special District Local Laws Code 3837.156
- Property: means real and personal property. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
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 the continuing direct 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.