Texas Statutes
Subchapter E. Bonds and Other Obligations
Section 8268.204. Taxes for Bonds

Sec. 8268.204. TAXES FOR BONDS. At the time bonds payable wholly or partly from ad valorem taxes are issued:
(1) the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, 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 as the interest becomes due;
(B) create a sinking fund for the payment of the principal of the bonds when due or the redemption price at any earlier required redemption date; and
(C) pay the expenses of imposing the taxes.
Added by Acts 2007, 80th Leg., R.S., Ch. 1134 (H.B. 4083), Sec. 1, eff. June 15, 2007.

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