1301.004 – PAYMENT OF INTEREST AND CREATION OF SINKING
Texas Government Code § 1301.004
Summary
This law regulates the maximum tax rates for funding interest payments and sinking funds for specific bonds in Texas. It affects local governments issuing bonds for courthouses, jails, and road infrastructure projects.
Limits taxes for courthouse/jail bonds to 25 cents per $100 valuation.
Limits taxes for bridge/road bonds to 15 cents per $100 valuation.
Surplus funds in the sinking fund must not exceed $1,000.
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In simple terms: Learn about Texas's PAYMENT OF INTEREST AND CREATION OF SINKING law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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