Sec. 1332.001. USE OF UNSPENT BOND PROCEEDS FOR OTHER PURPOSES. The governing body of a municipality may use the proceeds of municipal bonds that have been sold and delivered for a specific purpose for a purpose other than the specific purpose if:
(1) the specific purpose is accomplished by other means or is abandoned;
(2) the proceeds are unspent; and
(3) a majority of the votes cast in an election held in the municipality approve the use of the proceeds for the proposed purpose.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Section: 1332.001Last modified: September 28, 2016