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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 9. PUBLIC SECURITIES |
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Subtitle I. SPECIFIC AUTHORITY FOR COUNTIES TO ISSUE SECURITIES |
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Chapter 1471. BONDS FOR COUNTY ROADS |
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Subchapter B. ISSUANCE OF BONDS |
Sec. 1471.023. DISPOSITION OF BOND PROCEEDS
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(a) The commissioners court has the custody and control of bonds or bond anticipation notes issued under this chapter until sold under Chapter 1201.
(b) The portion of the proceeds that represents capitalized interest shall be placed in the county treasury to the credit of the applicable political subdivision and may be used only to pay interest due on the bonds or bond anticipation notes.
(c) Money remaining from the proceeds after the amounts described in Subsection (b) are deposited and after the costs of the issuance of the bonds or bond anticipation notes are paid shall be placed in the county treasury to the credit of the available road fund of the applicable political subdivision to be used for the purposes for which the bonds were issued, including:
(1) payment of the following costs as approved by the commissioners court:
(A) surveying;
(B) creation;
(C) construction or acquisition; or
(D) operation or maintenance; and
(2) payment or establishment of a reasonable reserve to pay an amount equal to not more than three years' interest on the notes and bonds of the political subdivision, as provided in the bond order or resolution.