Section 1055.202 - Tax to Pay General Obligation Bonds or Other Financial Arrangements(a) The board shall impose an ad valorem tax at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on general obligation bonds issued or other financial arrangements made under Section 1055.201 as the bonds or other arrangements mature.(b) The tax required by this section together with any other ad valorem tax the district imposes may not in any year exceed 75 cents on each $100 valuation of all taxable property in the district.Tex. Spec. Dist. Loc. Laws § 1055.202
Added by Acts 2007, 80th Leg., R.S., Ch. 920, Sec. 1.02, eff. 4/1/2009.