Tex. Gov't Code § 1506.057 · Subchapter B. BONDS FOR PARKING FACILITIES IN HOME-RULE MUNICIPALITIES
INTEREST AND SINKING FUND TAX.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A municipality may not issue bonds under this subchapter creating a debt against the municipality or an improvement district unless the municipality provides for the imposition of an annual ad valorem tax on property in the improvement district at a rate sufficient to:
(1) pay the interest on the bonds; and
(2) create a sinking fund of at least two percent on the bonds.
(b) The rate of the tax may not exceed 50 cents on the $100 valuation of property taxable by the municipality.
(c) The tax is in addition to other taxes imposed by the municipality or authorized to be imposed by the municipal charter.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1506.htm
- Text hash
- sha256 2bb7ebcf76b8fb5e2a4f7a43d98d9f777303268f536603490bab47333816b69a
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 1 provision
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