Texas Special District Local Laws Code 1118.202 – Tax to Pay General Obligation Bonds
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Terms Used In Texas Special District Local Laws Code 1118.202
- 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.
The board may issue general obligation bonds only if the board imposes an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on the bonds as the bonds mature.