Texas Special District Local Laws Code § 6905.261 Use Of Bond Proceeds

Sec. 6905.261. USE OF BOND PROCEEDS. (a) The district may set aside an amount of proceeds from the sale of bonds issued under this subchapter for:

(1) the payment of interest expected to accrue during construction not to exceed three years;

(2) a reserve interest and sinking fund; and

(3) other funds as may be provided in the resolution authorizing the bonds or in the trust indenture.

(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purpose of the district, including:

(1) any expense of issuing and selling the bonds; and

(2) the amount needed to operate the district during construction of the improvements.

Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.06, eff. April 1, 2009.

Section: Previous  6905.204  6905.251  6905.252  6905.253  6905.254  6905.255  6905.256  6905.257  6905.258  6905.259  6905.260  6905.261  6905.262  6905.263  6905.264  Next

Last modified: September 28, 2016