Texas § 262.047 BOND PROCEEDS; INVESTMENT OF FUNDS.

Texas Statutes

§ 262.047 — BOND PROCEEDS; INVESTMENT OF FUNDS.

Texas § 262.047

Code HSHealth and Safety Code

This text of Texas § 262.047 (BOND PROCEEDS; INVESTMENT OF FUNDS.) 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. Health and Safety Code Code Ann. § 262.047 (2026).

Text

Sec. 262.047. BOND PROCEEDS; INVESTMENT OF FUNDS.

(a)The board may set aside from the proceeds from the sale of bonds:

(1)an amount for payment of not more than two years' interest on the bonds;

(2)the amount required for operating expenses during the first year of operation as estimated by the board; and

(3)an amount to fund any bond reserve fund or other reserve funds provided for in the bond resolution or trust indenture.

(b)The bond proceeds may be deposited in banks and paid out under terms as provided in the bond resolution or trust indenture.

(c)The law relating to the security for and the investment of municipal funds controls, to the extent applicable, the investment of the authority's funds. The bond resolution or trust indenture may further restrict those investments. Addi

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Sec. 262.047. BOND PROCEEDS; INVESTMENT OF FUNDS. (a) The board may set aside from the proceeds from the sale of bonds:
(1) an amount for payment of not more than two years' interest on the bonds;
(2) the amount required for operating expenses during the first year of operation as estimated by the board; and
(3) an amount to fund any bond reserve fund or other reserve funds provided for in the bond resolution or trust indenture.
(b) The bond proceeds may be deposited in banks and paid out under terms as provided in the bond resolution or trust indenture.
(c) The law relating to the security for and the investment of municipal funds controls, to the extent applicable, the investment of the authority's funds. The bond resolution or trust indenture may further restrict those investments. Additionally, the authority may invest its bond proceeds, until that money is needed, as authorized by the bond resolution or trust indenture.