Tex. Gov't Code § 1505.080 · Subchapter B. BONDS FOR NAVIGATIONAL FACILITIES IN CERTAIN COASTAL MUNICIPALITIES
UNEXPENDED BALANCE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Any proceeds of the sale of bonds issued under this subchapter that are unspent after completion of the project for which the bonds were issued:
(1) shall be deposited to the credit of the bond and interest redemption fund for the bonds; and
(2) may be used only to:
(A) pay the principal of the bonds; or
(B) purchase outstanding bonds of the issue from which the proceeds were derived.
(b) A bond may not be purchased under Subsection (a)(2)(B) for a price that exceeds, excluding accrued interest, the face amount of the bond.
(c) A bond purchased under Subsection (a)(2)(B) must be canceled and may not be reissued.
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.1505.htm
- Text hash
- sha256 d7f91ecff1dea4872bfefb784fbb1233cd4a726c0377d52c1afa83dbbe184ac6
- 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.