LEVY OF TAXES ON THE AD VALOREM BASIS
Applied in 1 court decision — leading case South West Property Trust, Inc. v. Dallas County Flood Control District No. 1 (2002)
Most recently applied in South West Property Trust, Inc. v. Dallas County Flood Control District No. 1 (April 2002)
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff
(a) If a district levies taxes on the ad valorem basis, it shall levy and have assessed and collected taxes on all taxable property in the district.
(b) The taxes must be sufficient to pay the interest on the bonds as it is due, and to raise a sufficient amount to create a sinking fund to redeem and discharge the bonds at maturity.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.