Tex. Transportation Code § 317.111
USE OF CERTAIN PROCEEDS
Texas · Texas Transportation Code · Status: effective
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- Citation
- Tex. Transportation Code § 317.111, USE OF CERTAIN PROCEEDS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/569796
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Full text
From the proceeds of bonds issued under this chapter, the governing body of a municipality may appropriate or set aside:
(1) an amount for the payment of interest expected to accrue while a facility is under construction;
(2) an amount necessary to pay all expenses incurred and to be incurred in the issuance, sale, and delivery of the bonds; and
(3) in the case of revenue bonds, an amount required by the ordinance authorizing the issuance of the bonds to be deposited to the credit of a reserve fund or other fund specified by the ordinance.