Texas Special District Local Laws Code § 8506.155 Use Of Excess Revenue

Sec. 8506.155. USE OF EXCESS REVENUE. If the authority receives revenue in excess of that required for the purposes specified by Section 8506.154(b), the board may:

(1) use the excess revenue to:

(A) establish a reasonable depreciation and emergency fund; or

(B) retire bonds issued under this chapter or its predecessor statute by purchase and cancellation or redemption; or

(2) apply the excess revenue to any corporate purpose.

Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.05, eff. April 1, 2017.

Text of section effective on April 01, 2017

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Last modified: September 28, 2016