Tex. Special District Local Laws Code § 9092.0511
USE OF BOND PROCEEDS
Texas · Texas Special District Local Laws Code · Status: effective
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- Citation
- Tex. Special District Local Laws Code § 9092.0511, USE OF BOND PROCEEDS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/623200
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Full text
(a) The district may set aside an amount of proceeds from the sale of district bonds for the payment of interest expected to accrue during construction and a reserve interest and sinking fund. The resolution authorizing the bonds may provide for setting aside and using the proceeds as provided by this subsection.
(b) The district may use proceeds from the sale of bonds to pay any expense necessarily incurred in accomplishing the district's purpose, including the expense of organizing the district, engineering investigations, and issuing and selling the bonds.
(c) The proceeds from the sale of the bonds may be:
(1) placed on time deposit with the district's depository bank; or
(2) temporarily invested in direct obligations of the United States maturing not later than the first anniversary of the date of investment.