(a) If bonds are issued payable wholly or partly from ad valorem taxes, the board
shall impose a tax sufficient to pay the bonds and the interest on the bonds as the
bonds and interest become due.
(b) The board may adopt the rate of a tax imposed under Subsection (a) for any year
after giving consideration to the money received from the pledged revenue that may
be available for payment of principal and interest to the extent and in the manner
permitted by the resolution authorizing the issuance of the bonds. (Acts 54th Leg., R.S., Ch. 245, Sec. 9(d).)
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