Tex. Transportation Code § 257.112
This is the official text of Tex. Transportation Code § 257.112, part of Texas’s Transportation Code — governs vehicles, drivers, and roadways.
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§ 257.112. BONDS AND TAX AUTHORIZED.
Official statutory text
As provided by Section 52, Article III, Texas Constitution, to construct, maintain, and operate macadamized, graveled, or paved roads or turnpikes, or in aid of those activities, two or more adjoining counties or portions of adjoining counties through a road district established under this subchapter may:
(1) issue bonds in any amount not to exceed one-fourth of the taxable value of the real property located in the district;
(2) impose an annual ad valorem tax to pay the interest on the bonds; and
(3) provide a sinking fund for the redemption of the bonds.
(1) issue bonds in any amount not to exceed one-fourth of the taxable value of the real property located in the district;
(2) impose an annual ad valorem tax to pay the interest on the bonds; and
(3) provide a sinking fund for the redemption of the bonds.
Status: in_force · Read it on the official government site
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