Text of section effective on April 01, 2023
Sec. 8510.0510. USE OF BOND PROCEEDS. (a) The authority may set aside an amount of proceeds from the sale of authority bonds 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 as provided by this subsection.
(b) The authority may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the authority's purposes.
Added by Acts 2021, 87th Leg., R.S., Ch. 914 (H.B. 3530), Sec. 1.03, eff. April 1, 2023.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8510 - Red River Authority of Texas
Subchapter E. Borrowed Money or Grants
Section 8510.0501. Power to Issue Obligations or Warrants
Section 8510.0502. Loans and Grants
Section 8510.0503. Power to Seek and Accept Contributions
Section 8510.0504. Power to Issue Bonds
Section 8510.0505. Form of Bonds
Section 8510.0507. Bonds Payable From Revenue
Section 8510.0508. Compensation Rates
Section 8510.0509. Additional Security
Section 8510.0510. Use of Bond Proceeds