Sec. 1471.028. USE OF SURPLUS SINKING FUND. An amount remaining in the sinking fund after the principal of and interest on the bonds are fully paid may be used by a political subdivision:
(1) for the construction, maintenance, and operation of macadamized, graveled, or paved roads or turnpikes;
(2) to aid a purpose described by Subdivision (1); or
(3) for a permanent improvement authorized by law as determined by the officials of the political subdivision.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle I - Specific Authority for Counties to Issue Securities
Chapter 1471 - Bonds for County Roads
Subchapter B. Issuance of Bonds
Section 1471.011. Authority to Issue Road Bonds
Section 1471.012. Emergency Notes
Section 1471.013. Tax Anticipation Notes
Section 1471.014. Bond Anticipation Notes
Section 1471.015. Election on Issuance of Bonds: County
Section 1471.016. Petition for Election on Issuance of Bonds: Precinct or Road District
Section 1471.017. Hearing on and Determination of Petition: Precinct or Road District
Section 1471.018. Notice of Election
Section 1471.019. Results of Election
Section 1471.020. Effect of Lack of Notice
Section 1471.022. Designation of Bonds
Section 1471.023. Disposition of Bond Proceeds
Section 1471.024. Duties of County Treasurer
Section 1471.025. Disbursement of Bond Proceeds by County Treasurer
Section 1471.026. Investment of Sinking Funds
Section 1471.027. Use of Bond Proceeds Outside Road District
Section 1471.028. Use of Surplus Sinking Fund
Section 1471.029. Election for Repurchase and Cancellation of Bonds