Texas § 383.031 INVESTMENT AND USE OF PROCEEDS.

Texas Statutes

§ 383.031 — INVESTMENT AND USE OF PROCEEDS.

Texas § 383.031

Code HSHealth and Safety Code

This text of Texas § 383.031 (INVESTMENT AND USE OF PROCEEDS.) 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. § 383.031 (2026).

Text

Sec. 383.031. INVESTMENT AND USE OF PROCEEDS.

(a)The governing body may set aside amounts from the proceeds of the sale of bonds for payment into an interest and sinking fund and reserve funds and may provide for this in the resolution or a security agreement. All expenses of issuing and selling the bonds must be paid from the proceeds of the sale of the bonds.

(b)Proceeds from the sale of bonds may be invested in:

(1)direct or indirect obligations of the United States government or an agency of the United States government that mature in a manner specified by the resolution or a security agreement; or

(2)certificates of deposit of a bank or trust company if the deposits are secured by obligations described by Subdivision (1).

(c)A bank or trust company with trust powers may be design

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Sec. 383.031. INVESTMENT AND USE OF PROCEEDS. (a) The governing body may set aside amounts from the proceeds of the sale of bonds for payment into an interest and sinking fund and reserve funds and may provide for this in the resolution or a security agreement. All expenses of issuing and selling the bonds must be paid from the proceeds of the sale of the bonds.
(b) Proceeds from the sale of bonds may be invested in:
(1) direct or indirect obligations of the United States government or an agency of the United States government that mature in a manner specified by the resolution or a security agreement; or
(2) certificates of deposit of a bank or trust company if the deposits are secured by obligations described by Subdivision (1).
(c) A bank or trust company with trust powers may be designated as depository for proceeds of bonds or of lease or other contract revenue. The bank or trust company shall furnish indemnifying bonds or pledge securities as required by the issuer to secure the deposits.