Tex. Spec. Dist. Local Laws Code § 9092.0511 · Subchapter E. BORROWED MONEY; BONDS
USE OF BOND PROCEEDS.
Not yet in force
Text of section effective on April 01, 2027
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 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 bonds to pay any expense necessarily incurred in accomplishing the district's purpose, including the expense of organizing the district, engineering investigations, and issuing and selling the bonds.
(c) The proceeds from the sale of the bonds may be:
(1) placed on time deposit with the district's depository bank; or
(2) 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 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.03, eff. April 1, 2027.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.9092.htm
- Text hash
- sha256 1f8c2ff5e0bd0aaaa6e93b156da748ad23842741c0ec038f3bd839f57448a89f
- 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.