Texas § 9305.0505 USE OF BOND PROCEEDS.

Texas Statutes

§ 9305.0505 — USE OF BOND PROCEEDS.

Texas § 9305.0505

Code SDSpecial District Local Laws Code

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Bluebook

Tex. Special District Local Laws Code Code Ann. § 9305.0505 (2026).

Text

Text of section effective on April 01, 2027 Sec. 9305.0505. USE OF BOND PROCEEDS.

(a)The district may set aside an amount of proceeds from the sale of district bonds for the payment of interest to accrue during construction and for one year after construction and a reserve interest and sinking fund.

(b)The district may use proceeds from the sale of the bonds to pay any expense incurred in accomplishing the purpose for which the district is created, including:

(1)the cost of printing and issuing the bonds; and

(2)payment of fees associated with attorneys, fiscal agents, and engineers.

(c)Pending the use of bond proceeds for the purpose for which the bonds were issued, the board may invest the proceeds in obligations of or guaranteed by the United States.

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Text of section effective on April 01, 2027
Sec. 9305.0505. USE OF BOND PROCEEDS. (a) The district may set aside an amount of proceeds from the sale of district bonds for the payment of interest to accrue during construction and for one year after construction and a reserve interest and sinking fund.
(b) The district may use proceeds from the sale of the bonds to pay any expense incurred in accomplishing the purpose for which the district is created, including:
(1) the cost of printing and issuing the bonds; and
(2) payment of fees associated with attorneys, fiscal agents, and engineers.
(c) Pending the use of bond proceeds for the purpose for which the bonds were issued, the board may invest the proceeds in obligations of or guaranteed by the United States.