Tex. Spec. Dist. Local Laws Code § 11005.260 · Subchapter F. BONDS
USE OF BOND PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The district may set aside an amount of proceeds from the sale of district bonds for:
(1) the payment of interest expected to accrue during construction not to exceed three years;
(2) a reserve interest and sinking fund; and
(3) other funds as may be provided in the resolution authorizing the bonds or in the trust indenture.
(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purpose of the district, including any expense of issuing and selling the bonds.
Notes and commentary — not statutory text
History
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.11005.htm
- Text hash
- sha256 9659525bd93b586f48e7db18288fbe56b702f69560b031e96399e3ed4d3ad36f
- 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.