Sec. 54.112. USE OF CERTAIN PROCEEDS. From the proceeds from the sale of obligations issued under this chapter, there may be appropriated or set aside:
(1) an amount for the payment of interest expected to accrue while a port improvement or facility is under construction;
(2) an amount necessary to pay all expenses incurred and to be incurred in the issuance, sale, and delivery of the obligations; and
(3) an amount required by the ordinance or resolution authorizing the issuance of the obligations to be deposited to the credit of a reserve fund or other fund specified by the ordinance or resolution.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle A - Waterways and Ports
Chapter 54 - Harbor and Port Facilities in Certain Municipalities
Section 54.102. Authority of Municipality to Issue Obligations
Section 54.104. Authority of Board to Issue Obligations
Section 54.105. Limitation on Aggregate Amount of Expense Warrants
Section 54.106. Maturity of Obligation
Section 54.108. Sale of Obligations
Section 54.110. Review and Approval of Contracts Relating to Revenue Obligations
Section 54.111. Security for and Payment of Obligations Payable From Revenue
Section 54.112. Use of Certain Proceeds
Section 54.113. Lease or Sale of Port Improvements and Facilities