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Texas Government Code - GOV'T § 1431.008. Ad Valorem Taxes as Source of Payment

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A governing body may not issue anticipation notes that are payable from bonds secured by an ad valorem tax unless the proposition authorizing the issuance of the bonds:

(1) is approved by a majority of the votes cast in an election held by the issuer;  and

(2) states that anticipation notes may be issued.

(b) A governing body that pledges to the payment of anticipation notes an ad valorem tax to be imposed in a subsequent fiscal year shall impose the tax in the ordinance or order that authorizes the issuance of the notes.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1431.008. Ad Valorem Taxes as Source of Payment - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1431-008/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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