Tex. Gov't Code § 1502.060 · Subchapter B. PUBLIC SECURITIES FOR UTILITY SYSTEMS, PARKS, OR POOLS
USE AND INVESTMENT OF PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) To the extent provided by the proceedings authorizing the issuance of the public securities issued under this chapter, a municipality may:
(1) use proceeds from the sale of public securities issued to provide funds for a utility system under this chapter for any purpose authorized by Section 1502.051(a)(1) or (b);
(2) use proceeds from the sale of public securities issued to provide funds for a park under this chapter for any purpose authorized by Section 1502.051(a)(2); or
(3) use proceeds from the sale of public securities to provide funds for a swimming pool under this chapter for any purpose authorized by Section 1502.051(a)(3).
(b) A municipality may use proceeds from the sale of public securities issued under this chapter to pay interest on the public securities during the period of the acquisition or construction of any facilities to be provided through the issuance of the public securities, and for one year after completion of the acquisition or construction of the facilities.
(c) A municipality may use proceeds from the sale of public securities issued under this chapter to:
(1) provide a reserve for the payment of debt service on the public securities;
(2) provide a reserve for extraordinary repairs and replacements; or
(3) obtain a credit agreement as provided by Section 1502.064.
(d) A municipality may invest proceeds from the sale of public securities issued under this chapter to the extent and in the manner provided in the proceedings authorizing the issuance of the public securities.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 1064, Sec. 22, 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.1502.htm
- Text hash
- sha256 d9dcdd5ccf10f3af32407a416735cce508d266cc272e480ebeb92ab35593ed43
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
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.