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Texas Special District Local Laws Code - SDLL § 8199.202. Taxes for Bonds and Other Obligations

Current as of April 14, 2021 | Updated by FindLaw Staff

At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:

(1) the board shall impose a continuing direct annual ad valorem tax, at a rate not to exceed the rate approved at an election held under Section 8199.151, for each year that all or part of the bonds are outstanding;  and

(2) the district annually shall impose an ad valorem tax on all taxable property in the district in an amount sufficient to:

(A) pay the interest on the bonds or other obligations as the interest becomes due;

(B) create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date;  and

(C) pay the expenses of imposing the taxes.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8199.202. Taxes for Bonds and Other Obligations - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8199-202.html

Read this complete Texas Special District Local Laws Code - SDLL § 8199.202. Taxes for Bonds and Other Obligations on Westlaw

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