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 for each year that all or part of the bonds are outstanding; and(2) the district annually shall impose an 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; and(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. Added by Acts 2011, 82nd Leg., R.S., Ch. 1192 (H.B. 3828), Sec. 1, eff. June 17, 2011.
Texas Legal Code