Tex. Gov't Code § 1253.003 · Chapter 1253. GENERAL OBLIGATION BONDS ISSUED BY POLITICAL SUBDIVISIONS
USE OF UNSPENT GENERAL OBLIGATION BOND PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A political subdivision other than a school district may use the unspent proceeds of issued general obligation bonds only:
(1) for the specific purposes for which the bonds were authorized;
(2) to retire the bonds; or
(3) for a purpose other than the specific purposes for which the bonds were authorized if:
(A) the specific purposes are accomplished or abandoned; and
(B) a majority of the votes cast in an election held in the political subdivision approve the use of the proceeds for the proposed purpose.
(b) The election order and the notice of election for an election described by Subsection (a)(3)(B) must state the proposed purpose for which the bond proceeds are to be used.
(c) A political subdivision must hold an election described by Subsection (a)(3)(B) in the same manner as an election to issue bonds in the political subdivision.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 726 (H.B. 440), Sec. 3, eff. September 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1253.htm
- Text hash
- sha256 fa495acf468783dd4fb1521ac19f5ac83cf4e80d3ec9fa324925df1d4f84c68a
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.