Sec. 8471.202. TAXES FOR BONDS. (a) At the time the district issues bonds payable wholly or partly from ad valorem taxes, the board shall provide for the annual imposition of a continuing direct ad valorem tax, without limit as to rate or amount, while all or part of the bonds are outstanding as required and in the manner provided by Sections 54.601 and 54.602, Water Code.
(b) The board's order to issue bonds and impose an ad valorem tax must provide that on retirement of the bonds for which the tax is originally authorized, unless a subsequent bond election authorizes a continuation of the tax, the imposition of the tax, including the district's authority to assess and collect the tax, ends.
Added by Acts 2013, 83rd Leg., R.S., Ch. 500 (S.B. 1868), Sec. 1, eff. June 14, 2013.
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