Sec. 8506.155. USE OF EXCESS REVENUE. If the authority receives revenue in excess of that required for the purposes specified by Section 8506.154(b), the board may:
(1) use the excess revenue to:
(A) establish a reasonable depreciation and emergency fund; or
(B) retire bonds issued under this chapter or its predecessor statute by purchase and cancellation or redemption; or
(2) apply the excess revenue to any corporate purpose.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.05, eff. April 1, 2017.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8506 - Upper Colorado River Authority
Subchapter D. General Financial Provisions
Section 8506.151. Disbursement of Money
Section 8506.152. Accounts, Contracts, and Other Records; Public Inspection
Section 8506.153. Filing of Copies of Audit Report
Section 8506.154. Rates and Other Charges
Section 8506.155. Use of Excess Revenue
Section 8506.156. Tax or Assessment or Pledge of Credit of State Not Authorized by Chapter