Sec. 1433.067. USE OF BOND PROCEEDS. The proceeds of the bonds of each issue may be used only for the payment of the cost of the industrial project or medical project for which the bonds were issued, and shall be disbursed in the manner and under any restrictions provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds. Any proceeds of the bonds of an issue that exceed the cost of the project for which the bonds were issued shall be deposited to the credit of the sinking fund for those bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle H - Specific Authority for More Than One Type of Local Government to Issue Securities
Chapter 1433 - Bonds for Development of Employment, Industrial, and Health Resources
Section 1433.061. Issuance of Bonds
Section 1433.062. Money Used to Pay Bonds; Prohibition on Certain Obligations
Section 1433.063. Bonds Not Debt of State or Issuer
Section 1433.065. Sale of Bonds
Section 1433.066. Interim Receipts; Temporary Bonds
Section 1433.067. Use of Bond Proceeds
Section 1433.068. Refunding Bonds
Section 1433.069. Exemptions From Taxation and Securities Act