Texas Government Code 1431.008 – Ad Valorem Taxes as Source of Payment
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(a) A governing body may not issue anticipation notes that are payable from bonds secured by an ad valorem tax unless the proposition authorizing the issuance of the bonds:
(1) is approved by a majority of the votes cast in an election held by the issuer; and
(2) states that anticipation notes may be issued.
(b) A governing body that pledges to the payment of anticipation notes an ad valorem tax to be imposed in a subsequent fiscal year shall impose the tax in the ordinance or order that authorizes the issuance of the notes.
Terms Used In Texas Government Code 1431.008
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.