Tex. Water Code § 60.111
DEPOSIT OF PROCEEDS OF OBLIGATIONS; PAYMENT
Texas · Texas Water Code · Status: effective
Cite this
- Citation
- Tex. Water Code § 60.111, DEPOSIT OF PROCEEDS OF OBLIGATIONS; PAYMENT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/582157
- Permanent ID
ys:prov:582157@1- SHA-256
bdb514839258031f81914d34b33eda52e1e913f9dab6d0d9ab5fc41170bbd5c1
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) The proceeds of the sale of any obligations issued under this subchapter may be deposited in a bank or banks and paid out on terms and conditions agreed on by the purchaser at the sale and the commission.
(b) The laws of this state relating to the deposit of district funds in the depository of the district shall not apply to the deposit of the proceeds of a sale governed by Subsection (a) of this section.
(c) Any part of the proceeds of the sale of obligations issued under this subchapter which remains unspent after the project for which the obligations were authorized has been completed may be paid into the sinking fund for the payment of the obligations and may be used only for the payment of principal of the obligations or for the purpose of purchasing outstanding obligations in the manner provided by this subchapter.