Sec. 1471.013. TAX ANTICIPATION NOTES. (a) A political subdivision may issue tax anticipation notes authorized by Section 1471.012 for any purpose for which the political subdivision is authorized to impose taxes under Subtitle C, Title 6, Transportation Code.
(b) Tax anticipation notes must be secured by the proceeds of taxes to be imposed in the succeeding 12 months.
(c) The commissioners court may covenant with purchasers of the notes to impose a tax sufficient to pay:
(1) the principal of and interest on the notes; and
(2) the costs of collecting the taxes.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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