1005.202 – TAX TO PAY GENERAL OBLIGATION BONDS. (a) At
Texas Special District Local Laws Code § 1005.202
Summary
This law mandates that a district must impose an ad valorem tax to fund the repayment of general obligation bonds. It ensures that the tax rate is sufficient to cover both principal and interest as they come due, while also adhering to voter-approved limits on taxation.
Districts must impose a tax for bond repayment.
Tax rate must cover principal and interest payments.
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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