Tex. Loc. Gov't Code § 571.010 · Subchapter A. AUTHORITY OF COUNTY OR MUNICIPALITY BORDERING GULF
HANDLING OF BOND PROCEEDS AND TAXES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) All amounts received from the sale of bonds under this subchapter shall be deposited with the county or municipal treasurer, as appropriate. The county or municipal treasurer shall hold the amounts in trust exclusively for the purposes prescribed by this subchapter.
(b) The county or municipality shall hold all taxes collected to pay the interest on and principal of bonds issued under this subchapter in trust for the payment of the interest and principal. Any amount that exceeds the amount required to pay the annual interest on the bonds may be invested for the benefit of the sinking fund in:
(1) bonds issued under this subchapter;
(2) bonds of the state; or
(3) bonds of the United States.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 16, eff. Sept. 1, 1999.
Renumbered from Local Government Code, Section 421.010 by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.76(c)(1), eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.571.htm
- Text hash
- sha256 2f0b604293a87d1480d8db279534bc1877ab1ee607ea977a31fb5c1f300677b3
- 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
Cited by 1 provision
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