Tex. Transp. Code § 257.112

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 257.112 - Bonds and Tax Authorized

As provided by Section 52, Article III, Texas Constitution, to construct, maintain, and operate macadamized, graveled, or paved roads or turnpikes, or in aid of those activities, two or more adjoining counties or portions of adjoining counties through a road district established under this subchapter may:

(1) issue bonds in any amount not to exceed one-fourth of the taxable value of the real property located in the district;

(2) impose an annual ad valorem tax to pay the interest on the bonds; and

(3) provide a sinking fund for the redemption of the bonds.

Tex. Transp. Code § 257.112

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.