At the time bonds or other obligations payable wholly or partly from ad valorem taxes are issued:(1) the board shall impose a continuing direct annual ad valorem tax, without limit as to rate or amount, for each year that all or part of the bonds are outstanding; and(2) the district annually shall impose the continuing direct ad valorem tax on all taxable property in the district in an amount sufficient to:(A) pay the interest on the bonds or other obligations as the interest becomes due;(B) create a sinking fund for the payment of the principal of the bonds or other obligations when due or the redemption price at any earlier required redemption date; and(C) pay the expenses of imposing the taxes. Added by Acts 2005, 79th Leg., Ch. 438 (S.B. 1806), Sec. 1, eff. June 17, 2005.