Texas § 1506.057 INTEREST AND SINKING FUND TAX.

Texas Statutes

§ 1506.057 — INTEREST AND SINKING FUND TAX.

Texas § 1506.057

Code GVGovernment Code

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Bluebook

Tex. Government Code Code Ann. § 1506.057 (2026).

Text

Sec. 1506.057. INTEREST AND SINKING FUND TAX.

(a)A municipality may not issue bonds under this subchapter creating a debt against the municipality or an improvement district unless the municipality provides for the imposition of an annual ad valorem tax on property in the improvement district at a rate sufficient to:

(1)pay the interest on the bonds; and

(2)create a sinking fund of at least two percent on the bonds.

(b)The rate of the tax may not exceed 50 cents on the $100 valuation of property taxable by the municipality.

(c)The tax is in addition to other taxes imposed by the municipality or authorized to be imposed by the municipal charter.

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Sec. 1506.057. INTEREST AND SINKING FUND TAX. (a) A municipality may not issue bonds under this subchapter creating a debt against the municipality or an improvement district unless the municipality provides for the imposition of an annual ad valorem tax on property in the improvement district at a rate sufficient to:
(1) pay the interest on the bonds; and
(2) create a sinking fund of at least two percent on the bonds.
(b) The rate of the tax may not exceed 50 cents on the $100 valuation of property taxable by the municipality.
(c) The tax is in addition to other taxes imposed by the municipality or authorized to be imposed by the municipal charter.