Tex. Special District Local Laws Code § 11003.260
USE OF BOND PROCEEDS
Texas · Texas Special District Local Laws Code · Status: effective
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- Citation
- Tex. Special District Local Laws Code § 11003.260, USE OF BOND PROCEEDS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/623585
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Full text
(a) The district may set aside an amount of proceeds from the sale of district bonds for:
(1) the payment of interest expected to accrue during construction not to exceed three years;
(2) a reserve interest and sinking fund; and
(3) other funds as may be provided in the resolution authorizing the bonds or in the trust indenture.
(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purpose of the district, including any expense of issuing and selling the bonds.