Tex.
Gov't Code Section 1504.267
Use of Revenue
(a)
A municipality shall use revenue derived from that portion of mixed beverage tax receipts authorized to be pledged under Section 1504.256 (Pledge of Mixed Beverage Tax Receipts) for the purposes described by Sections 1504.252 (Authority for Cultural and Parking Facilities) and 1504.258 (Additional Use of Mixed Beverage Tax Receipts), including the pledge of that revenue to the payment of bonds issued for a purpose described by Section 1504.252 (Authority for Cultural and Parking Facilities).(b)
Amounts received by a municipality from that portion of the mixed beverage tax receipts authorized to be pledged under Section 1504.256 (Pledge of Mixed Beverage Tax Receipts) and pledged to the payment of bonds as provided by Subsection (a) that exceed the amounts required by the ordinance under which the bonds are issued may be used for any other purpose described by Section 1504.252 (Authority for Cultural and Parking Facilities) or 1504.258 (Additional Use of Mixed Beverage Tax Receipts). The governing body of the municipality may determine that any remaining amounts are excess money and may use those amounts for any lawful purpose if that use does not violate an ordinance adopted by the governing body in connection with the issued bonds.
Source:
Section 1504.267 — Use of Revenue, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.1504.htm#1504.267 (accessed Jun. 5, 2024).
