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Texas Special District Local Laws Code - SDLL § 8242.202. Taxes for Bonds

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

At the time bonds payable in whole or in part from ad valorem taxes are issued:

(1) the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, 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 as the interest becomes due;

(B) create a sinking fund for the payment of the principal of the bonds 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 § 8242.202. Taxes for Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8242-202/

Read this complete Texas Special District Local Laws Code - SDLL § 8242.202. Taxes for Bonds on Westlaw

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