Sec. 60.342. USE OF BOND PROCEEDS. (a) From the proceeds of the sale of any issue of bonds the district may set aside an amount for the payment of interest anticipated to accrue for the period specified or during the construction period and for a period after that time as the governing body may determine to be necessary and may provide for a deposit into reserves or the debt service fund to the extent prescribed in the resolution authorizing or the trust indenture securing the bonds.
(b) Proceeds from the sale of the bonds shall be used for the purposes for which the bonds were authorized and may be used for the payment of all expenses necessarily incurred in accomplishing the purposes for which the district is created, including the expense of issuing and selling the bonds.
(c) No expenditure of proceeds shall be made in violation of provisions contained in the resolution authorizing or the trust indenture securing the bonds.
Added by Acts 1973, 63rd Leg., p. 770, ch. 343, Sec. 1, eff. Aug. 27, 1973.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter M. Tax Bonds, Revenue Bonds, and Combination Tax and Revenue Bonds
Section 60.331. Classes of Bonds Authorized
Section 60.332. Issuance of Bonds
Section 60.334. Maturity of Bonds
Section 60.335. Registered and Bearer Bonds
Section 60.336. Lost and Destroyed Bonds
Section 60.337. Approval of Converted or Substituted Bonds
Section 60.338. Bonds Secured by Revenues
Section 60.339. Bonds Payable From Taxes
Section 60.340. Bonds Payable From Both Taxes and Revenues
Section 60.341. Rates, Tolls, and Charges
Section 60.342. Use of Bond Proceeds
Section 60.344. Refunding Bonds
Section 60.345. Approval and Incontestability of Bonds
Section 60.346. Additional Security
Section 60.347. Investment of Bond Proceeds