Sec. 367.006. INTERIM FINANCING. (a) Pending the issuance of revenue bonds under this subchapter, a municipality may:
(1) spend, in connection with a toll bridge, money that is not required by law to be used for another purpose; or
(2) issue notes for an expenditure described by Subdivision (1).
(b) A municipality may use proceeds of revenue bonds issued under this subchapter to repay money spent under Subsection (a).
(c) Notes issued under Subsection (a) may have any characteristic the governing body considers appropriate and:
(1) bear rates of interest, be payable from available sources, and be secured in the same manner as revenue bonds issued under this subchapter; or
(2) be payable from:
(A) the proceeds of refunding bonds issued under this subchapter; or
(B) both revenue bonds and refunding bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 367 - Municipal Toll Bridges Over Rio Grande
Subchapter A. General Authority Relating to Toll Bridges
Section 367.001. Applicability of Subchapter
Section 367.003. Authority of Municipality in Relation to Toll Bridge
Section 367.004. Authority of Municipality to Enter Into Contracts
Section 367.005. Authority to Issue Revenue Bonds
Section 367.006. Interim Financing
Section 367.008. Pledge of Revenue
Section 367.009. Additional Security
Section 367.010. Additional Bonds
Section 367.011. Tolls and Charges
Section 367.012. Public Purpose
Section 367.013. Lease, Rental, or Donation of Facility to United States
Section 367.014. Refunding Bonds and Notes
Section 367.015. Sale of Bonds or Notes