1. (a) At the time general obligation bonds are issued under Section 1006.201, the board shall impose an ad valorem tax at a rate sufficient to:

   1. (1) create an interest and sinking fund; and
   2. (2) pay the principal of and interest on the bonds as the bonds mature.
2. (b) The tax required by this section together with any other tax the district imposes in any year may not exceed 75 cents on each $100 assessed value of all taxable property in the district.

Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.

Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 13.002, eff. September 1, 2007.