1004.252 – TAX TO PAY GENERAL OBLIGATION BONDS. (a) At
Texas Special District Local Laws Code § 1004.252
Summary
This law mandates that a district must impose an ad valorem tax when issuing general obligation bonds to ensure there are sufficient funds for principal and interest payments. It affects districts that issue such bonds and requires adherence to voter-approved tax limits.
Districts must impose a tax to fund bond payments.
Tax amount is based on bond issuance and maturity.
Total taxes cannot exceed voter-approved limits.
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In simple terms: Learn about Texas's TAX TO PAY GENERAL OBLIGATION BONDS. (a) At 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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