Sec. 51.446. DEPOSIT OF BONDS TO SECURE INTERIM BONDS. (a) As the interim bonds are issued and sold, the board, by order, shall deposit bonds of the district which have been validated by a court or approved by the attorney general and registered by the comptroller as provided in Section 51.417 of this code in the district depository.
(b) The bonds deposited shall be credited to the interest and sinking fund account created to pay the interim bonds.
(c) The principal amount of the bonds deposited shall total at least 110 percent of the principal sum of the series of interim bonds which the bonds are deposited to secure.
(d) The interest rate on the interim bonds may not be more than the interest rate on the bonds deposited to secure them.
Acts 1971, 62nd Leg., p. 346, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 51 - Water Control and Improvement Districts
Subchapter K. Issuance of Bonds
Section 51.403. Amount of Debt Limited by Constitution
Section 51.404. Issuance of Preliminary Bonds
Section 51.405. Election on Preliminary Bonds
Section 51.406. Conditions of Preliminary Bonds
Section 51.407. Tax to Pay Preliminary Bonds
Section 51.408. Issuance of Bonds
Section 51.410. Engineer's Report
Section 51.411. Election Order
Section 51.414. Vote at Election
Section 51.415. Order to Issue Bonds or Execute Contract
Section 51.419. Conditions of Bonds
Section 51.423. Validation Suit
Section 51.424. Effect of Prior Registration
Section 51.425. Procedure in Validation Suit
Section 51.426. Notice of Validation Suit
Section 51.427. Duties of Attorney General in Validation Suit
Section 51.428. Judgment in Validation Suit
Section 51.429. Effect of Validation Suit
Section 51.430. Certified Copy of Decree
Section 51.431. Registration of Bonds and Decree
Section 51.436. Interest and Sinking Fund
Section 51.437. Investment of Sinking Fund
Section 51.438. Refunding Bonds
Section 51.439. Limitation of Authority to Incur Debt and Issue Bonds
Section 51.440. Issuing Bonds in Excess of Limitation
Section 51.441. Modifications of Improvements
Section 51.444. Limitations on Interim Bonds
Section 51.445. Issuance of Bonds and Levy of Tax
Section 51.446. Deposit of Bonds to Secure Interim Bonds
Section 51.447. Procedure for Issuance and Sale of Interim Bonds
Section 51.448. Payment of Interim Bonds
Section 51.449. Redemption of Interim Bonds
Section 51.450. Alternate Methods for Paying Bonds
Section 51.451. Taxes to Secure Certain Bonds
Section 51.453. Hearing and Election on Certain Bonds