Tex. Spec. Dist. Local Laws Code § 5008.0504 · Subchapter E. BONDS
TAXES FOR BONDS.
Not yet in force
Text of section effective on April 01, 2027
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If bonds are issued, the board shall impose an ad valorem tax on all taxable property in the district in each year during which the bonds are outstanding and unpaid.
(b) The board shall impose the tax at the rate necessary to generate an amount of revenue which, together with the net revenue in the interest and sinking fund for the bonds at that time, is sufficient to pay the principal of and interest on the bonds that will be due during the next fiscal year.
(c) The board shall certify to the Willacy County tax assessor-collector the rate of the tax imposed for the bonds.
(d) The Willacy County tax assessor-collector shall:
(1) collect the bond taxes in the same manner provided by law for the collection of other district taxes; and
(2) remit all taxes collected to:
(A) the county treasurer of Willacy County; or
(B) the district's account.
Notes and commentary — not statutory text
History
Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.01, eff. April 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.5008.htm
- Text hash
- sha256 186f8dbb316c2ecf41180fb15e91ce6bd9cb37e4f3df45a57227883cb38b7cc9
- 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
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.