Sec. 324.101. REPLACEMENT FUND. (a) The board may establish a replacement fund. It may deposit in the fund any amounts from its revenue that it considers appropriate.
(b) The replacement fund may be used to rebuild on the original site or elsewhere, restore, repair, or improve property of the district that is destroyed or injured or that is necessary to expand, improve, demolish, repair, or replace because of its unfitness.
(c) The board may invest the replacement fund in bonds of the United States, this state, or a county, municipal corporation, or school district of this state.
Added by Acts 1989, 71st Leg., ch. 1, Sec. 71(a), eff. Aug. 28, 1989.
Structure Texas Statutes
Title 10 - Parks and Other Recreational and Cultural Resources
Subtitle B - County Parks and Other Recreational and Cultural Resources
Subchapter E. Bonds, Taxes, and Other Financial Matters
Section 324.091. Revenue Bond Election
Section 324.092. Revenue Bonds
Section 324.093. Approval by Attorney General
Section 324.094. Refunding Bonds
Section 324.095. Permanent Improvements on Land With River Frontage
Section 324.097. Financial Statement; Budget
Section 324.098. Bond Anticipation Notes
Section 324.099. Imposition and Collection of Taxes; Criminal Penalty
Section 324.0995. Tax Exemptions