Sec. 9023.156. BONDS SECURED BY AD VALOREM TAXES. (a) This section does not apply to district bonds secured only by a pledge of net revenues as defined by Section 9023.155(a).
(b) If bonds have been voted, the board shall impose a continuing ad valorem tax on all property in the district sufficient:
(1) to pay the principal of and interest on the bonds as the principal and interest respectively mature;
(2) to create and maintain any reserve required by the resolution or resolutions authorizing the issuance of the bonds;
(3) to pay the expense of assessing and collecting the tax; and
(4) for anticipated delinquencies in the tax payments.
(c) The board annually shall determine and set or cause to be determined and set the rate of the ad valorem tax to be imposed under this section.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
