Texas Special District Local Laws Code 1061.253 – Use of Ad Valorem Taxes for Operation and Maintenance Expenses
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(a) If the board issues revenue bonds under § 1061.204, the board:
(1) shall use ad valorem taxes to pay the district’s operation and maintenance expenses to the extent that the revenue and income from the district’s hospital facilities are not sufficient after providing for the payment of those bonds; and
(2) may pledge the proceeds of the ad valorem tax for the payment of the district’s operation and maintenance expenses in the order authorizing the issuance of the bonds.
(b) If the ad valorem tax is pledged, the board shall, during each year during which the revenue bonds are outstanding, compute a tax rate sufficient to pay the operation and maintenance expenses described by Subsection (a)(1).
Terms Used In Texas Special District Local Laws Code 1061.253
- Property: means real and personal property. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The ad valorem tax shall be imposed on all taxable property in the district for each year the revenue bonds are outstanding. The tax shall be assessed and collected each year and used for the purpose prescribed by this section to the extent required.