Tex. Spec. Dist. Local Laws Code § 11006.260 · Subchapter F. BONDS
USE OF BOND PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The authority may set aside an amount of proceeds of the sale of authority 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 authority may use proceeds from the sale of bonds to pay any expense necessarily incurred in accomplishing the purpose of the authority, including:
(1) any expense of issuing and selling the bonds; and
(2) the amount needed to operate the authority during construction of the improvements.
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.11006.htm
- Text hash
- sha256 1c36aafd32d0be548a3e01b83e15068b1b0b43e82665033eb9138cc4cf8f42ca
- 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.