Texas Special District Local Laws Code 1006.202 – Taxes to Pay General Obligation Bonds
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(a) At the time general obligation bonds are issued under § 1006.201, the board shall impose an ad valorem tax at a rate sufficient to:
(1) create an interest and sinking fund; and
(2) pay the principal of and interest on the bonds as the bonds mature.
(b) The tax required by this section together with any other tax the district imposes in any year may not exceed 75 cents on each $100 assessed value of all taxable property in the district.
Terms Used In Texas Special District Local Laws Code 1006.202
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means real and personal property. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005