Sec. 65.507. USE OF BOND OR NOTE PROCEEDS. The district may use bond or note proceeds to pay interest, administrative, and operating expenses expected to accrue during the period of construction. The period of construction under this section may not exceed three years as provided by the bond order or resolution. The district also may use bond or note proceeds to pay expenses incurred and to be incurred in the issuance, sale, and delivery of the bonds or notes.
Added by Acts 1983, 68th Leg., p. 2448, ch. 435, Sec. 4, eff. Aug. 29, 1983. Amended by Acts 1985, 69th Leg., ch. 447, Sec. 1, eff. Nov. 15, 1985.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 65 - Special Utility Districts
Subchapter G. Issuance of Bonds and Notes
Section 65.501. Issuance of Bonds and Notes
Section 65.502. Form of Bonds and Notes
Section 65.503. Manner of Repayment of Bonds or Notes
Section 65.504. Additional Security for Bonds or Notes
Section 65.505. Method for Issuance of Bonds and Notes
Section 65.506. Provisions of Bonds or Notes
Section 65.507. Use of Bond or Note Proceeds
Section 65.508. Sale or Exchange of Bonds
Section 65.510. Refunding Bonds
Section 65.511. Obligations; Legal Investment; Security for Funds