Texas § 3836.159 TAXES FOR BONDS AND OTHER OBLIGATIONS.

Texas Statutes

§ 3836.159 — TAXES FOR BONDS AND OTHER OBLIGATIONS.

Texas § 3836.159

Code SDSpecial District Local Laws Code

This text of Texas § 3836.159 (TAXES FOR BONDS AND OTHER OBLIGATIONS.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Special District Local Laws Code Code Ann. § 3836.159 (2026).

Text

Sec. 3836.159. TAXES FOR BONDS AND OTHER OBLIGATIONS. At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:

(1)the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, for each year that all or part of the bonds are outstanding; and

(2)the district annually shall impose an ad valorem tax on all taxable property in the district in an amount sufficient to:

(A)pay the interest on the bonds or other obligations as the interest becomes due;

(B)create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date; and

(C)pay the expenses of imposing the taxes.

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Sec. 3836.159. TAXES FOR BONDS AND OTHER OBLIGATIONS. At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:
(1) the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, for each year that all or part of the bonds are outstanding; and
(2) the district annually shall impose an ad valorem tax on all taxable property in the district in an amount sufficient to:
(A) pay the interest on the bonds or other obligations as the interest becomes due;
(B) create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date; and
(C) pay the expenses of imposing the taxes.