Tex. Gov't Code Section 489.257
Use of Bond Proceeds

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 (Use of Certain Proceeds)(d).
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.

Source: Section 489.257 — Use of Bond Proceeds, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­489.­htm#489.­257 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 489.257’s source at texas​.gov