1009.202 – TAX TO PAY GENERAL OBLIGATION BONDS. (a) At
Texas Special District Local Laws Code § 1009.202
Summary
This law mandates that a district must impose an ad valorem tax when issuing general obligation bonds to ensure funds are available for bond repayments. It affects districts that issue such bonds and outlines the maximum tax rate they can impose.
Districts must create a fund for bond repayments.
Tax rate cannot exceed 75 cents per $100 assessed value.
Applies to general obligation bonds issued by the district.
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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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