Sec. 45.1105. USE OF UNSPENT GENERAL OBLIGATION BOND PROCEEDS. (a) A school district may use the unspent proceeds of issued general obligation bonds only:
(1) for the specific purposes for which the bonds were authorized;
(2) to retire the bonds; or
(3) for a purpose other than the specific purposes for which the bonds were authorized if:
(A) the specific purposes are accomplished or abandoned; and
(B) the board of trustees at a public meeting held only for the purpose of considering the use of the unspent bond proceeds approves in separate votes the use of the proceeds for:
(i) a purpose other than to retire the bonds; and
(ii) the purpose specified at the time the vote is taken.
(b) In addition to other requirements of law, notice of a public meeting held under this section must include a statement that the board of trustees will consider the use of unspent bond proceeds for a purpose other than the specific purposes for which the bonds were authorized.
(c) A public meeting held under this section must provide the public an opportunity to address the board of trustees on the question of using the unspent bond proceeds for a purpose other than the specific purposes for which the bonds were authorized.
Added by Acts 2019, 86th Leg., R.S., Ch. 726 (H.B. 440), Sec. 1, eff. September 1, 2019.
Structure Texas Statutes
Subtitle I - School Finance and Fiscal Management
Chapter 45 - School District Funds
Subchapter E. Miscellaneous Provisions
Section 45.101. Use of Bond Proceeds for Utility Connections
Section 45.103. Interest-Bearing Time Warrants
Section 45.104. Pledge of Delinquent Taxes as Security for Loan
Section 45.105. Authorized Expenditures
Section 45.107. Investment of Gifts, Devises, and Bequests
Section 45.108. Borrowing Money for Current Maintenance Expenses
Section 45.109. Contracts for Athletic Facilities
Section 45.110. Authorized but Unissued Bonds
Section 45.1105. Use of Unspent General Obligation Bond Proceeds
Section 45.112. Contracts for Investment of Debt Service Funds