(a) The board may issue district bonds to acquire money to accomplish any district purpose or carry out any power granted under this chapter to the district.
(b) The board may impose continuing direct annual ad valorem taxes on all taxable property in the district sufficient to:
(1) provide for the payment of the interest on the bonds as the interest accrues; and
(2) create and provide for a sinking fund to pay the principal of the bonds as the principal matures.