Sec. 54.521. USE OF BOND PROCEEDS TO PAY CERTAIN INTEREST. The district may use bond proceeds to pay or to establish a reasonable reserve to pay not more than three years' interest on the notes and bonds of the district as provided in the bond orders or resolutions.
Added by Acts 1979, 66th Leg., p. 882, ch. 402, Sec. 1, eff. Aug. 27, 1979.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 54 - Municipal Utility Districts
Subchapter F. Issuance of Bonds
Section 54.501. Issuance of Bonds
Section 54.503. Manner of Repayment of Bonds
Section 54.504. Additional Security for Bonds
Section 54.505. Election on Tax Bonds
Section 54.507. Notice of Bond Election
Section 54.510. Provisions of Bonds
Section 54.512. Sale or Exchange of Bonds
Section 54.514. Refunding Bonds
Section 54.5161. Review of Bond Projects by Counties
Section 54.518. Mandamus by Bondholders
Section 54.520. Cancellation of Unsold Bonds
Section 54.521. Use of Bond Proceeds to Pay Certain Interest