Tex. Health & Safety Code § 262.047 · Subchapter D. BONDS
BOND PROCEEDS; INVESTMENT OF FUNDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board may set aside from the proceeds from the sale of bonds:
(1) an amount for payment of not more than two years' interest on the bonds;
(2) the amount required for operating expenses during the first year of operation as estimated by the board; and
(3) an amount to fund any bond reserve fund or other reserve funds provided for in the bond resolution or trust indenture.
(b) The bond proceeds may be deposited in banks and paid out under terms as provided in the bond resolution or trust indenture.
(c) The law relating to the security for and the investment of municipal funds controls, to the extent applicable, the investment of the authority's funds. The bond resolution or trust indenture may further restrict those investments. Additionally, the authority may invest its bond proceeds, until that money is needed, as authorized by the bond resolution or trust indenture.
Notes and commentary — not statutory text
History
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/HS/htm/HS.262.htm
- Text hash
- sha256 6feaa12d99841e0eb5ef9dd141554811a2afb189b1e9e40e3830c9f9249c1fca
- 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.