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Texas Special District Local Laws Code - SDLL § 1061.253. Use of ad Valorem Taxes for Operation and Maintenance Expenses

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

(a) If the board issues revenue bonds under Section 1061.204, the board:

(1) shall use ad valorem taxes to pay the district's operation and maintenance expenses to the extent that the revenue and income from the district's hospital facilities are not sufficient after providing for the payment of those bonds; and

(2) may pledge the proceeds of the ad valorem tax for the payment of the district's operation and maintenance expenses in the order authorizing the issuance of the bonds.

(b) If the ad valorem tax is pledged, the board shall, during each year during which the revenue bonds are outstanding, compute a tax rate sufficient to pay the operation and maintenance expenses described by Subsection (a)(1).

(c) The ad valorem tax shall be imposed on all taxable property in the district for each year the revenue 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. (Acts 65th Leg., R.S., Ch. 112, Sec. 10 (part).)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 1061.253. Use of ad Valorem Taxes for Operation and Maintenance Expenses - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-1061-253/

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