Sec. 9055.259. 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 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 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle I - Water Control and Improvement Districts
Chapter 9055 - Wise County Water Supply District
Section 9055.251. Authority to Issue Bonds
Section 9055.252. Form of Bonds
Section 9055.254. Election for Bonds Payable From Ad Valorem Taxes
Section 9055.255. Bonds Payable From Revenue
Section 9055.256. Bonds Payable From Ad Valorem Taxes
Section 9055.257. Tax and Rate Requirements
Section 9055.258. Additional Security
Section 9055.259. Use of Bond Proceeds
Section 9055.260. Appointment of Receiver