Texas § 1505.080 UNEXPENDED BALANCE.

Texas Statutes

§ 1505.080 — UNEXPENDED BALANCE.

Texas § 1505.080

Code GVGovernment Code

This text of Texas § 1505.080 (UNEXPENDED BALANCE.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Government Code Code Ann. § 1505.080 (2026).

Text

Sec. 1505.080. UNEXPENDED BALANCE.

(a)Any proceeds of the sale of bonds issued under this subchapter that are unspent after completion of the project for which the bonds were issued:

(1)shall be deposited to the credit of the bond and interest redemption fund for the bonds; and

(2)may be used only to:

(A)pay the principal of the bonds; or

(B)purchase outstanding bonds of the issue from which the proceeds were derived.

(b)A bond may not be purchased under Subsection (a)(2)(B) for a price that exceeds, excluding accrued interest, the face amount of the bond.

(c)A bond purchased under Subsection (a)(2)(B) must be canceled and may not be reissued.

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Sec. 1505.080. UNEXPENDED BALANCE. (a) Any proceeds of the sale of bonds issued under this subchapter that are unspent after completion of the project for which the bonds were issued:
(1) shall be deposited to the credit of the bond and interest redemption fund for the bonds; and
(2) may be used only to:
(A) pay the principal of the bonds; or
(B) purchase outstanding bonds of the issue from which the proceeds were derived.
(b) A bond may not be purchased under Subsection (a)(2)(B) for a price that exceeds, excluding accrued interest, the face amount of the bond.
(c) A bond purchased under Subsection (a)(2)(B) must be canceled and may not be reissued.