Sec. 489.257. USE OF BOND PROCEEDS. The proceeds from the sale of bonds issued under this subchapter may be applied only for a purpose for which the bonds were issued, except that:
(1) any secured interest received in the sale shall be applied to the payment of the principal of or interest on the bonds sold and, if a portion of the proceeds is not needed for a purpose for which the bonds were issued, that portion shall be applied to the payment of the principal of or interest on the bonds; and
(2) any premium received in the sale of the bonds shall be applied in accordance with Section 1201.042(d).
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
Structure Texas Statutes
Subtitle F - Commerce and Industrial Development
Chapter 489 - Texas Economic Development Bank
Subchapter E. Texas Small and Rural Community Success Fund
Section 489.252. Texas Small and Rural Community Success Fund
Section 489.253. Revenue-Based Bonds Authorized
Section 489.254. Bond Sale and Issuance
Section 489.255. Agreements in Bonds
Section 489.256. Refunding Bonds
Section 489.257. Use of Bond Proceeds
Section 489.258. Bonds as Legal Investments for Fiduciaries and Other Persons