This law mandates that special districts must impose an annual ad valorem tax if they issue revenue bonds. The tax proceeds are used to cover the district's operational and maintenance expenses, ensuring financial stability while the bonds are outstanding.
Requires annual ad valorem tax for revenue bond issuance.
Tax proceeds fund operation and maintenance expenses.
Governing body must compute tax rate annually based on appraisals.
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In simple terms: Learn about Texas's DUTY TO IMPOSE TAX. (a) The ordinance 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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