Tex. Spec. Dist. Local Laws Code § 8509.0311 · Subchapter G. 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 bonds issued under this subchapter for the payment of interest expected to accrue during construction and a reserve interest and sinking fund. The resolution authorizing the bonds may provide for setting aside and using the proceeds as provided by this subsection.
(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the district's purpose, including any expense of issuing and selling the bonds.
(c) The proceeds from the sale of the bonds may be temporarily invested in direct obligations of the United States maturing not later than the first anniversary of the date of investment.
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 468 (H.B. 4172), Sec. 1.03, eff. April 1, 2021.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8509.htm
- Text hash
- sha256 25da2fa9984e24948376ac49807dc9a4a2f8fa797bfc07da051e561fe15795bd
- 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.