Texas Water Code 55.452 – Adopting Method for Payment of Debts
Current as of: 2024 | Check for updates
|
Other versions
(a) When a district incurs a debt or obligation, it shall provide for payment of the debt or obligation by levying, assessing, and collecting either a general ad valorem tax or a tax on a benefit basis.
(b) Any district which has previously issued bonds or obligations payable on either basis may adopt a different basis of taxation in the creation of an additional debt or obligation.
Terms Used In Texas Water Code 55.452
- 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.
(c) Each debt or obligation shall be paid in the manner provided at the time it was incurred.