1006.202 – TAXES TO PAY GENERAL OBLIGATION BONDS. (a) At
Texas Special District Local Laws Code § 1006.202
Summary
This law mandates that a special district must impose an ad valorem tax when issuing general obligation bonds to ensure there are sufficient funds to cover the principal and interest payments. It affects special districts that issue such bonds and outlines their financial obligations to taxpayers.
Imposes ad valorem tax for bond repayment.
Ensures funds for interest and principal payments.
Tax cannot exceed combined limits set by the district.
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In simple terms: Learn about Texas's TAXES 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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