Texas Water Code
§ 49.3077 — TAX LIABILITY OF EXCLUDED LAND; BONDS OUTSTANDING
WA § 49.3077Title 4. GENERAL LAW DISTRICTS · Ch. 49. PROVISIONS APPLICABLE TO ALL DISTRICTS · Art. J. ANNEXATION OR EXCLUSION OF LAND
Statute text
View on source(a)In this section:
(1)"Adjusted gross value" means the gross assessed value of property, as of January 1, including land, improvements, and personal property, as determined by the appraisal district for the tax year in which the determination is made, reduced by any state-mandated exemptions but not reduced for any exemptions from taxation that are within the discretion of the governing body of the district.
(2)"Carry costs" means interest calculated at an annual rate equal to the weighted average interest rate of the district debt that accrues on the excluded land's share of the district debt, with reductions for prior payments, from the later of the exclusion date or the last interest payment date for district debt for which district taxes have been levied and collected to the earlier of:
(A)the date of the final interest payment on district debt before the next delinquency for the district's tax collection; or
(B)the earliest dates on which an aggregate amount of district obligations equal to the district debt may be paid at maturity or redeemed at the option of the district, provided the amount is paid in advance of any future district tax levy, using the redemption dates available for the district's outstanding obligations as of the exclusion date.
(3)"District debt" means the principal outstanding from time to time of the tax-supported debt of the district outstanding on the exclusion date, including debt used to refund district debt outstanding on the exclusion date.
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 1392 (H.B. 1324), Sec. 2, eff. September 1, 2013.