Sec. 53.188. LEVY OF TAXES. After the district has issued bonds, the board shall levy taxes on all property in the district, whether real, personal, or mixed. The board shall levy the taxes based on the full value of each piece of property. The board shall levy the taxes in an amount which is enough to pay the interest on the bonds and to create a sinking fund sufficient to redeem and discharge the bonds when they mature. The board shall levy taxes annually for this purpose as long as the bonds are outstanding.
Acts 1971, 62nd Leg., p. 418, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 53 - Fresh Water Supply Districts
Subchapter F. Bond and Tax Provisions
Section 53.171. Power to Issue Bonds
Section 53.172. Ordering Bond Election
Section 53.177. Approving Bonds
Section 53.178. Registering Bonds
Section 53.180. Recording of Bond Issues
Section 53.181. Paying Bonds and Interest
Section 53.182. Bonds Payable From Revenues and Ad Valorem Taxes
Section 53.183. Election Required
Section 53.184. Refunding Bonds
Section 53.185. Rates and Charges
Section 53.186. Interest and Sinking Fund
Section 53.187. Investment of Sinking Fund