Tex. Transp. Code Section 317.111
Use of Certain Proceeds

From the proceeds of bonds issued under this chapter, the governing body of a municipality may appropriate or set aside:

(1)

an amount for the payment of interest expected to accrue while a facility is under construction;

(2)

an amount necessary to pay all expenses incurred and to be incurred in the issuance, sale, and delivery of the bonds; and

(3)

in the case of revenue bonds, an amount required by the ordinance authorizing the issuance of the bonds to be deposited to the credit of a reserve fund or other fund specified by the ordinance.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 24, eff. Sept. 1, 1999.

Source: Section 317.111 — Use of Certain Proceeds, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­317.­htm#317.­111 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 317.111’s source at texas​.gov