Sec. 1477.062. USE OF BOND PROCEEDS. (a) The proceeds of bonds issued under this subchapter may only be used to pay the cost of the project for which the bonds were issued.
(b) The county shall disburse the proceeds of the bonds in accordance with any restrictions provided in the order authorizing the bonds.
(c) The bondholders have a lien on the proceeds until the proceeds are applied.
(d) The bond proceeds, pending their use for the construction of the project, may be invested in direct obligations of the United States having maturities not more than 91 days from the date of investment.
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 1477 - Obligations for Other County Purposes
Subchapter B. Bonds for Water Supply for County Purposes
Section 1477.051. Applicability of Subchapter
Section 1477.053. Authority to Acquire Water Supply
Section 1477.054. Limitation on Cost
Section 1477.055. Authority to Issue Bonds and Impose Ad Valorem Taxes
Section 1477.056. Amount of Tax
Section 1477.058. Contents of Order Authorizing Bonds
Section 1477.060. Signatures; Registration by County Treasurer
Section 1477.061. Sale of Bonds
Section 1477.062. Use of Bond Proceeds
Section 1477.063. Additional Bonds
Section 1477.064. Rates and Charges
Section 1477.065. Taxes Pledged to Pay Bonds
Section 1477.066. Bondholder's Right to Mandamus
Section 1477.067. Refunding Bonds
Section 1477.068. Exemption From Assessment or Taxation
Section 1477.069. County Use of Water
Section 1477.070. Sale of Water Not Needed for County Purposes
Section 1477.071. Eminent Domain