Tex. Gov't Code § 1501.208 · Subchapter E. BONDS FOR IMPROVEMENT OF WATER AND SEWER SYSTEMS IN MUNICIPALITIES WITH POPULATION OF MORE THAN 275,000
INTEREST AND SINKING FUND OF DISTRICT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The interest and sinking fund of a district must be permanently maintained in the bank where bonds of the district are payable.
(b) A district to which money is paid under Section 1501.207 shall promptly deposit that money, as well as other applicable money and investments of the district, to the credit of the interest and sinking fund of the district.
(c) A bank of payment that receives a deposit of money or an investment shall hold that money or investment in trust for the benefit of the holders of outstanding bonds of the district.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1501.htm
- Text hash
- sha256 2c98606d286642fe1e84eacbb6c0687be9ba06204b162ad4fbd7aa2aa50d51ca
- 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
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