Texas Special District Local Laws Code 1001.402 – Duty to Impose Tax
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(a) The ordinance authorizing the issuance of revenue bonds may pledge the proceeds of an annual ad valorem tax for the payment of the district’s operation and maintenance expenses.
(b) If the annual ad valorem tax is pledged, the governing body shall, during each year during which the bonds are outstanding, compute a tax rate sufficient to pay the operation and maintenance expenses. The tax rate shall be based on the most recent certified appraisal roll of the district.
Terms Used In Texas Special District Local Laws Code 1001.402
- Appraisal: A determination of property value.
- Property: means real and personal property. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The ad valorem tax shall be imposed on all taxable property in the district for each year the bonds are outstanding. The tax shall be assessed and collected each year and used for the purpose prescribed by this section to the extent required.