Sec. 11005.256. BONDS PAYABLE FROM AD VALOREM TAXES. (a) If bonds are issued payable wholly or partly from ad valorem taxes, the board shall annually impose a tax on the taxable property in the district in an amount sufficient to pay the principal of and interest on the bonds when due.
(b) The district 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.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle X - Districts With Combined Powers
Chapter 11005 - Muenster Water District
Section 11005.251. Authority to Issue Bonds
Section 11005.252. Form of Bonds
Section 11005.254. Election for Bonds Payable From Ad Valorem Taxes
Section 11005.255. Bonds Secured by Revenue; Additional Bonds
Section 11005.256. Bonds Payable From Ad Valorem Taxes
Section 11005.257. Additional Security
Section 11005.258. Trust Indenture
Section 11005.259. Rates for Services; Payment of Revenue Bonds
Section 11005.260. Use of Bond Proceeds
Section 11005.261. Appointment of Receiver
Section 11005.262. Refunding Bonds