Current as of April 14, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) To accomplish district purposes, the board may borrow money, issue bonds, and prescribe the method of payment of the bonds by the use of net revenue, taxes, or both net revenue and taxes.
(b) Bonds must be authorized by a board resolution.
(c) In the resolution authorizing the bonds, the district may set aside an amount from the bond proceeds for:
(1) the payment of interest expected to accrue during construction; and
(2) a reserve interest and sinking fund.
(d) Bond proceeds may be used to pay all expenses necessarily incurred in accomplishing district purposes, including the expenses of issuing and selling the bonds.
(e) Pending the use of bond proceeds for the purpose for which the bonds were issued, the board may invest the proceeds in obligations of the United States. (Acts 54th Leg., R.S., Ch. 245, Secs. 9(a), (b) (part), (f).)
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 9051.252. Issuance of bonds - last updated April 14, 2021 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-9051-252.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?