Sec. 3906.258. TAXES FOR BONDS AND OTHER OBLIGATIONS. At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:
(1) the board shall impose a continuing direct annual ad valorem tax 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 or other obligations as the interest becomes due; and
(B) create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date.
Added by Acts 2011, 82nd Leg., R.S., Ch. 1269 (S.B. 1922), Sec. 1, eff. June 17, 2011.
Structure Texas Statutes
Special District Local Laws Code
Title 4 - Development and Improvement
Subtitle C - Development, Improvement, and Management
Chapter 3906 - Port Isabel Improvement District No. 1
Section 3906.251. Tax Abatement
Section 3906.252. Property Tax Authorized
Section 3906.253. Maintenance and Operation Tax; Election
Section 3906.254. Use of Surplus Maintenance and Operation Money
Section 3906.255. Bonds and Other Obligations; Municipal Approval
Section 3906.256. Issuance and Approval of Obligation Powers
Section 3906.257. Bond Maturity
Section 3906.258. Taxes for Bonds and Other Obligations
Section 3906.259. Authority to Establish Defined Areas or Designated Property