Texas Special District Local Laws Code 1104.251 – Imposition of Ad Valorem Tax
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(a) The board shall impose a tax on all property in the district subject to district taxation.
(b) The tax may be used to pay:
(1) the general obligation bonds issued and the indebtedness assumed by the district; and
(2) district maintenance and operating expenses.
Terms Used In Texas Special District Local Laws Code 1104.251
- 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
(c) The district may not impose a tax to pay the principal of or interest on revenue bonds issued under this chapter.