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Texas Special District Local Laws Code - SDLL § 8183.260. Use of Bond Proceeds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The district may set aside an amount of proceeds from the sale of bonds issued under this subchapter for:

(1) payment of interest expected to accrue during construction;

(2) a reserve interest and sinking fund; and

(3) any other fund provided for 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.

(c) The district may temporarily invest proceeds from the sale of the bonds and other district funds in securities that are specified in the bond resolution or the trust indenture.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8183.260. Use of Bond Proceeds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8183-260/

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