The board of directors may impose continuing direct annual ad valorem taxes on all taxable property in the district sufficient to:(1) provide for the payment of interest on bonds issued under this subchapter as the interest accrues; and(2) create and provide a sinking fund for the payment of principal of the bonds as the principal matures. Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.02, eff. April 1, 2013.
Texas Legal Code