Sec. 8301.202. TAXES FOR BONDS

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At the time bonds payable wholly or partly 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.

Added by Acts 2007, 80th Leg., R.S., Ch. 1430 , Sec. 10.01, eff. June 16, 2007. Renumbered from Special District Local Laws Code, Section 8269.202 by Acts 2009, 81st Leg., R.S., Ch. 87 , Sec. 27.001(84), eff. September 1, 2009.

                    
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