- (a) An ad valorem tax shall be imposed on all property in the district subject to district taxation at a rate sufficient to create an interest and sinking fund to pay the principal of and interest on general obligation bonds issued under Section 1053.251 as the bonds mature.
- (b) The tax required by this section together with any other ad valorem tax imposed for the district may not in any year exceed 75 cents on each $100 valuation of all taxable property in the district.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.02, eff. April 1, 2009.