79th Texas Legislature, Regular Session, Senate Bill 1840, Chapter 448 Page: 5 of 9
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S.B. No. 1840
1 purposes herein granted to the district, and to provide for the
2 payment of the interest on such bonds as it accrues and to create a
3 sinking fund for the redemption of said bonds as they mature, by
4 levying and causing to be collected a tax on all taxable property
5 within the district, as shown by the then current approved county
6 assessment rolls, sufficient for such purposes. It is expressly
7 provided, however, that the total principal amount of bonds issued
8 by the district at any one time, together with all previously issued
9 bonds then outstanding, shall never exceed a sum equal to 15 percent
10 of the assessed valuation of all taxable property within the
11 district, as shown by the then current county assessment rolls.
12 (b) No such bonds shall be issued until first authorized by
13 a majority of the qualified property taxpaying electors voting at
14 an election called for the purpose of determining whether or not
15 such bonds shall be issued and whether or not taxes shall be levied
16 to pay principal and interest thereon when due. In the event a
17 majority of the qualified electors voting at such election shall
18 vote in favor of the issuance of bonds and the levy of taxes, the
19 board of directors [zuporvicoro] shall be authorized to issue,
20 sell, and deliver said drainage district bonds and to receive, use
21 and apply the proceeds for the aforesaid purposes of said district,
22 and to levy and assess taxes upon all property subject to taxation
23 in said district and to arrange for the collection of such taxes.
24 Subject to the limitations contained in this Act, additional bonds
25 may be issued, from time to time, in like manner, and under the same
26 procedure.
27 (c) The proposition of the issuance of bonds may be5
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Texas. Legislature. Senate. 79th Texas Legislature, Regular Session, Senate Bill 1840, Chapter 448, legislative document, June 17, 2005; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth157661/m1/5/?q=%22~1~1~1%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.