Texas Special District Local Laws Code 1050.202 – Tax to Pay General Obligation Bonds
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(a) The board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on general obligation bonds issued by the district under Section 1050.201 as the bonds mature.
(b) Except as provided by Section 1050.253, the tax required by this section together with any other ad valorem tax the district imposes may not in any year exceed 35 cents on each $100 valuation of all taxable property in the district.
Terms Used In Texas Special District Local Laws Code 1050.202
- 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