Tex. Water Code § 58.476 · Subchapter J. ISSUANCE OF BONDS
DEPOSIT OF BONDS TO SECURE INTERIM BONDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) As the interim bonds are issued and sold, the board, by order, shall deposit bonds of the district which have been validated by a court or approved by the attorney general and registered by the comptroller as provided in Section 58.447 of this code in the district depository.
(b) The bonds deposited shall be credited to the interest and sinking fund account created to pay the interim bonds.
(c) The principal amount of the bonds deposited shall total at least 110 percent of the principal sum of the series of interim bonds which the bonds are deposited to secure.
(d) The interest rate on the interim bonds may not be more than the interest rate on the bonds deposited to secure them.
Notes and commentary — not statutory text
History
Added by Acts 1977, 65th Leg., p. 1537, ch. 627, Sec. 1, eff. Aug. 29, 1977.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.58.htm
- Text hash
- sha256 294bec8ef9ed81fd7ea517accc672a224cd7d0ea90dbb3234f258cfb24de1a54
- 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
This section cites
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