Texas Statutes
Subchapter D. Bonds
Section 364.055. Investment and Use of Proceeds

Sec. 364.055. INVESTMENT AND USE OF PROCEEDS. (a) The commissioners court may set aside from proceeds of a bond sale:
(1) interest to accrue on the bonds;
(2) administrative expenses to the estimated date when the solid waste disposal system will become revenue producing; and
(3) reserve funds created by the resolution authorizing the bonds.
(b) Proceeds from the sale of bonds may be invested, pending their use, in the securities or time deposits as specified by the resolution authorizing the issuance of the bonds or the trust indenture securing the bonds.
(c) The earnings on the investments may be applied as provided by the resolution or trust indenture.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.

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