Texas Special District Local Laws Code 1010.202 – Tax to Pay General Obligation Bonds
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(a) At the time general obligation bonds are issued under Section 1010.201, the board shall impose an ad valorem tax on all property in the district subject to district taxation at a rate sufficient to:
(1) pay the interest on the bonds as the interest comes due; and
(2) provide and maintain a sinking fund adequate to pay the principal on the bonds as the principal matures.
(b) The tax required by this section together with any other ad valorem tax the district imposes may not in any year exceed 75 cents on each $100 valuation of taxable property in the district.
Terms Used In Texas Special District Local Laws Code 1010.202
- 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