Sec. 571.010. HANDLING OF BOND PROCEEDS AND TAXES. (a) All amounts received from the sale of bonds under this subchapter shall be deposited with the county or municipal treasurer, as appropriate. The county or municipal treasurer shall hold the amounts in trust exclusively for the purposes prescribed by this subchapter.
(b) The county or municipality shall hold all taxes collected to pay the interest on and principal of bonds issued under this subchapter in trust for the payment of the interest and principal. Any amount that exceeds the amount required to pay the annual interest on the bonds may be invested for the benefit of the sinking fund in:
(1) bonds issued under this subchapter;
(2) bonds of the state; or
(3) bonds of the United States.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 16, eff. Sept. 1, 1999.
Renumbered from Local Government Code, Section 421.010 by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.76(c)(1), eff. April 1, 2009.
Structure Texas Statutes
Title 13 - Water and Utilities
Subtitle C - Water Provisions Applying to More Than One Type of Local Government
Chapter 571 - Seawalls and Levees in Coastal Municipalities and Counties
Subchapter A. Authority of County or Municipality Bordering Gulf
Section 571.001. Applicability of Subchapter
Section 571.002. Authorized Projects; Debt
Section 571.003. Use of Public Property
Section 571.004. Acquisition of Property; Eminent Domain
Section 571.005. Cession of Use and Control of State Land
Section 571.007. Prerequisites for Issuing Bonds; Election
Section 571.008. Election Results
Section 571.009. General Law Applicable to Bonds
Section 571.010. Handling of Bond Proceeds and Taxes
Section 571.011. Cooperation and Contracts With United States