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Texas Special District Local Laws Code - SDLL § 9011.259. 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 the payment of:

(1) interest to accrue during two years after the purchase of a system or expected to accrue during construction and two years after construction; and

(2) a reserve interest and sinking fund.

(b) The resolution authorizing the bonds or a trust indenture may provide for setting aside amounts under Subsection (a).

(c) The district may use proceeds from the sale of the bonds to pay an expense incurred in accomplishing the purposes of the district, including:

(1) the fees of attorneys, engineers, or fiscal agents; and

(2) the cost of printing and issuing the bonds.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 9011.259. Use of Bond Proceeds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-9011-259/

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