Sec. 71.035. COUNTY BONDS HELD BY SCHOOL FUND. (a) The comptroller of public accounts shall apportion between a county and a new county created from territory detached from the original county the bonds, and the coupons due on those bonds, that are held by the permanent school fund if the bonds were legally issued by the original county before the new county was created. The comptroller shall apportion the bonds and coupons in the manner provided by law.
(b) The commissioners courts of the original county and the new county shall levy a tax at a rate sufficient to pay each county's proportionate share of the bond debt.
Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Structure Texas Statutes
Title 3 - Organization of County Government
Subtitle A - Organization of Counties
Chapter 71 - Creation of Counties
Subchapter D. Apportionment of County Indebtedness
Section 71.031. Liability of New County
Section 71.032. Suit to Enforce Payment of Liability
Section 71.033. Tax to Pay Indebtedness