Sec. 6903.309. USE OF BOND PROCEEDS. (a) The district may set aside an amount of proceeds from the sale of bonds issued under this subchapter for the payment of interest expected to accrue during construction and a reserve interest and sinking fund. The resolution authorizing the bonds may provide for setting aside and using the proceeds.
(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purposes of the district.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.06, eff. April 1, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle B - Fresh Water Supply Districts
Chapter 6903 - Eastland County Water Supply District
Section 6903.301. Authority to Issue Bonds
Section 6903.302. Form of Bonds
Section 6903.304. Election for Bonds Payable From Ad Valorem Taxes
Section 6903.305. Bonds Payable From Revenue
Section 6903.306. Bonds Payable From Ad Valorem Taxes
Section 6903.307. Tax and Rate Requirements
Section 6903.308. Additional Security
Section 6903.309. Use of Bond Proceeds
Section 6903.310. Appointment of Receiver