Sec. 9051.252. ISSUANCE OF BONDS. (a) To accomplish district purposes, the board may borrow money, issue bonds, and prescribe the method of payment of the bonds by the use of net revenue, taxes, or both net revenue and taxes.
(b) Bonds must be authorized by a board resolution.
(c) In the resolution authorizing the bonds, the district may set aside an amount from the bond proceeds for:
(1) the payment of interest expected to accrue during construction; and
(2) a reserve interest and sinking fund.
(d) Bond proceeds may be used to pay all expenses necessarily incurred in accomplishing district purposes, including the expenses of issuing and selling the bonds.
(e) Pending the use of bond proceeds for the purpose for which the bonds were issued, the board may invest the proceeds in obligations of the United States.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016