Sec. 11006.256. 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 authority in an amount sufficient to pay the principal of and interest on the bonds when due but not to exceed 20 cents on the $100 valuation of taxable property in the authority.
(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.
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 11006 - South Texas Water Authority
Section 11006.251. Authority to Issue Bonds
Section 11006.252. Form of Bonds
Section 11006.254. Election for Bonds Payable From Ad Valorem Taxes
Section 11006.255. Bonds Secured by Revenue; Additional Bonds
Section 11006.256. Bonds Payable From Ad Valorem Taxes
Section 11006.257. Additional Security
Section 11006.258. Trust Indenture
Section 11006.259. Charges for Authority Services
Section 11006.260. Use of Bond Proceeds
Section 11006.261. Appointment of Receiver
Section 11006.262. Refunding Bonds
Section 11006.263. Limitation on Rights of Bondholders
Section 11006.264. Bonds Exempt From Taxation
Section 11006.265. Detachment of Authority Territory After Issuance of Bonds