OPTIONAL TOTAL TAX BASE CONSOLIDATION

(a) An agreement executed under Section 49.251 may provide for total tax base consolidation instead of consolidation for maintenance and operation purposes only. (b) Under an agreement providing for total tax base consolidation: (1) the component districts may not levy maintenance or bond taxes, except to the extent necessary to retire bonds and other obligations issued before the effective date of the consolidation; (2) the joint board may issue bonds and levy, pledge, and collect ad valorem taxes sufficient to pay the principal of and interest on those bonds, and issue refunding bonds, as provided by Chapter 45 for independent school districts; and (3) to the end of the ballot proposition required under Section 49.253(a) shall be added ", and further to create a consolidated tax base for the repayment of all bonded indebtedness issued by the joint board of the taxing district after the effective date of the consolidation and to authorize the joint board to levy, pledge, and collect ad valorem taxes at a rate sufficient to pay the principal of and interest on those bonds." (c) Under an agreement providing for total tax base consolidation: (1) the component districts may provide for the consolidated taxing district to assume all of the indebtedness of all component districts; and (2) to the end of the ballot proposition required by Section 49.253(a) shall be added ", and further to create a consolidated tax base for the repayment of all bonded indebtedness issued by the joint board of the taxing district or previously issued by the component school districts and to authorize the joint board to levy, pledge, and collect ad valorem taxes at a rate sufficient to pay the principal of and interest on those bonds."