Sec. 6913.259. USE OF BOND PROCEEDS. (a) The district may set aside an amount of proceeds from the sale of district bonds for the payment of interest expected to accrue during construction and for one year after construction in a reserve interest and sinking fund. The resolution authorizing the bonds may provide for setting aside and using the proceeds as provided by this subsection.
(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 2017, 85th Leg., R.S., Ch. 869 (H.B. 2803), Sec. 1.02, eff. April 1, 2019.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle B - Fresh Water Supply Districts
Chapter 6913 - Haskell County Water Supply District
Section 6913.251. Authority to Issue Bonds
Section 6913.252. Form of Bonds
Section 6913.254. Bonds Payable From Revenue
Section 6913.255. Bonds Payable From Ad Valorem Taxes
Section 6913.256. Election for Bonds Payable From Ad Valorem Taxes
Section 6913.257. Tax and Compensation Rates
Section 6913.258. Additional Security
Section 6913.259. Use of Bond Proceeds
Section 6913.260. Appointment of Receiver