Texas Special District Local Laws Code § 7803.205 Use Of Bond Proceeds During Construction

Sec. 7803.205. USE OF BOND PROCEEDS DURING CONSTRUCTION. (a) The board may set aside part of the bond proceeds to:

(1) pay interest on the bonds during the period of construction of improvements or facilities; and

(2) create reserves for the payment of the principal of and interest on the bonds.

(b) For purposes of Subsection (a), the period of construction may not exceed two years.

Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.02, eff. April 1, 2015.

Section: Previous  7803.153  7803.154  7803.155  7803.201  7803.202  7803.203  7803.204  7803.205  7803.206  7803.207  7803.208  7803.251  7803.252  7803.253  7803.254  Next

Last modified: September 28, 2016