Sec. 11003.260. USE OF BOND PROCEEDS. (a) The district may set aside an amount of proceeds from the sale of district bonds for:
(1) the payment of interest expected to accrue during construction not to exceed three years;
(2) a reserve interest and sinking fund; and
(3) other funds as may be provided in the resolution authorizing the bonds or in the trust indenture.
(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purpose of the district, including any expense of issuing and selling the bonds.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.07, eff. April 1, 2015.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle X - Districts With Combined Powers
Chapter 11003 - Matador Water District
Section 11003.251. Authority to Issue Bonds
Section 11003.252. Form of Bonds
Section 11003.254. Election for Bonds Payable From Ad Valorem Taxes
Section 11003.255. Bonds Secured by Revenue; Additional Bonds
Section 11003.256. Bonds Payable From Ad Valorem Taxes
Section 11003.257. Additional Security
Section 11003.258. Trust Indenture
Section 11003.259. Charges for District Services
Section 11003.260. Use of Bond Proceeds
Section 11003.261. Appointment of Receiver
Section 11003.262. Refunding Bonds
Section 11003.263. Limitation on Rights of Bondholders
Section 11003.264. Bonds Exempt From Taxation
Section 11003.265. Detachment of District Territory After Issuance of Bonds