Sec. 265.043. SALE AND USE OF PROCEEDS. (a) The revenue bonds may be sold at public or private sale at a price and under terms determined by the directors. The bonds may bear interest at a rate not to exceed the maximum rate provided by Chapter 1204, Government Code.
(b) Proceeds from the sale of the bonds may be used, if the use is authorized in the proceedings authorizing issuance of the bonds, to:
(1) pay interest on the bonds during the construction of hospital facilities acquired through issuance of the bonds;
(2) pay operation and maintenance expense of the hospital facilities to the extent and for the time specified in the proceedings;
(3) create reserves for the payment of principal of and interest on the bonds; or
(4) invest, until needed, to the extent and in the manner provided in the bond resolution or a trust indenture executed in connection with the bonds.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.259, eff. Sept. 1, 2001.
Structure Texas Statutes
Chapter 265 - Joint Municipal and County Hospitals
Subchapter D. Joint County-Municipal Hospital Boards
Section 265.031. Creation of Board
Section 265.032. Appointment of Board
Section 265.034. Authority of Board
Section 265.037. Hospital Facilities; Other Property
Section 265.038. Contracts for Hospital Services
Section 265.040. Authority to Issue Revenue Bonds
Section 265.041. Terms of Bonds
Section 265.042. Pledge of Security
Section 265.043. Sale and Use of Proceeds
Section 265.044. Parity and Subordinate Lien Bonds
Section 265.045. Notice; Petition for Election
Section 265.046. Refunding Bonds
Section 265.047. Examination, Approval, and Registration of Bonds
Section 265.048. Legal Investments; Security for Deposits
Section 265.049. Charges for Services and Facilities