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Tex. Government Code § 489.257

USE OF BOND PROCEEDS

Texas · Texas Government Code · Status: effective

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Tex. Government Code § 489.257, USE OF BOND PROCEEDS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/655146
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The proceeds from the sale of bonds issued under this subchapter may be applied only for a purpose for which the bonds were issued, except that: (1) any secured interest received in the sale shall be applied to the payment of the principal of or interest on the bonds sold and, if a portion of the proceeds is not needed for a purpose for which the bonds were issued, that portion shall be applied to the payment of the principal of or interest on the bonds; and (2) any premium received in the sale of the bonds shall be applied in accordance with Section 1201.042(d).