(a) An ad valorem tax shall be imposed at a rate sufficient to create an interest
and sinking fund to pay the principal of and interest on bonds issued under Section 1107.201 as the bonds mature.
(b) The tax required by this section together with any other ad valorem tax imposed
for the district may not in any year exceed 75 cents on each $100 valuation of taxable
property in the district. (Acts 58th Leg., R.S., Ch. 298, Sec. 4 (part).)
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 or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.