1002.302 – TAXES TO PAY GENERAL OBLIGATION BONDS. (a) The
Texas Special District Local Laws Code § 1002.302
Summary
This law mandates that a board must levy an annual ad valorem tax to fund the repayment of general obligation bonds. It limits the total tax rate to 75 cents per $100 of taxable property within the district, ensuring that property owners are not overburdened by taxes for bond repayment.
Board must impose an annual ad valorem tax for bond repayment.
Tax rate cannot exceed 75 cents per $100 valuation.
Applies to all taxable property within the district.
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In simple terms: Learn about Texas's TAXES TO PAY GENERAL OBLIGATION BONDS. (a) The 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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