Tex. Transp. Code Section 54.112
Use of Certain Proceeds


From the proceeds from the sale of obligations issued under this chapter, there may be appropriated or set aside:

(1)

an amount for the payment of interest expected to accrue while a port improvement or 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 obligations; and

(3)

an amount required by the ordinance or resolution authorizing the issuance of the obligations to be deposited to the credit of a reserve fund or other fund specified by the ordinance or resolution.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.

Source: Section 54.112 — Use of Certain Proceeds, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­54.­htm#54.­112 (accessed Mar. 23, 2024).

Accessed:
Mar. 23, 2024

§ 54.112’s source at texas​.gov