Sec. 9015.361. USE OF BOND PROCEEDS. (a) The authority may set aside an amount of proceeds from the sale of bonds issued under this subchapter for payments into the interest and sinking fund and the reserve fund. The resolution authorizing the bonds or a trust indenture or other instrument securing the bonds may provide for setting aside amounts under this subsection.
(b) The authority may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purpose of the authority, including any expense of issuing and selling the bonds.
(c) The authority may invest proceeds from the sale of the bonds in direct obligations of or obligations unconditionally guaranteed by the United States that mature in the manner authorized by the resolution authorizing the bonds or by the trust indenture or other instrument securing the bonds.
Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.12, eff. April 1, 2009.
Renumbered from Special District Local Laws Code, Section 9009.361 by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 27.001(85), eff. September 1, 2009.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle I - Water Control and Improvement Districts
Chapter 9015 - Alice Water Authority
Section 9015.351. Authority to Issue Bonds
Section 9015.352. Form of Bonds
Section 9015.354. Election for Bonds Payable From Ad Valorem Taxes
Section 9015.355. Bonds Payable From Revenue
Section 9015.356. Bonds Payable From Ad Valorem Taxes
Section 9015.357. Tax and Rate Requirements
Section 9015.358. Additional Security
Section 9015.359. Trust Indenture
Section 9015.360. Interim Bonds or Notes
Section 9015.361. Use of Bond Proceeds
Section 9015.362. Appointment of Receiver
Section 9015.363. Refunding Bonds