Tex. Water Code § 55.518 · Subchapter L. ISSUANCE OF BONDS
INTEREST AND SINKING FUND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The district shall have an interest and sinking fund which shall consist of all taxes collected under the provisions of this chapter for this fund.
(b) Money in the interest and sinking fund shall be paid out only:
(1) to satisfy and discharge interest on the bonds;
(2) to pay the bonds;
(3) to defray the expense of assessing and collecting the tax; and
(4) to pay principal and interest due to the United States under a contract with the district under which bonds have not been deposited with the United States.
(c) The board shall order money from the fund to be paid out by warrants drawn as provided in this chapter. When funds are paid out, the depository shall receive and cancel the interest coupon or bond paid, and the interest coupon or bond shall be delivered to the board to be cancelled and destroyed.
Notes and commentary — not statutory text
History
Acts 1971, 62nd Leg., p. 470, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.55.htm
- Text hash
- sha256 e06cbc07c4bb1ab26832a12cc9deb6e81ab15dc68680ab1cda7f968fe18a51fe
- 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.