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 Texas Statutes (Last Updated: January 4, 2014)
 LOCAL GOVERNMENT CODE
 Title 13. WATER AND UTILITIES
 Subtitle C. WATER PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT
 Chapter 571. SEAWALLS AND LEVEES IN COASTAL MUNICIPALITIES AND COUNTIES
 Subchapter A. AUTHORITY OF COUNTY OR MUNICIPALITY BORDERING GULF

  Sec. 571.010. HANDLING OF BOND PROCEEDS AND TAXES  

Latest version.

  • (a) All amounts received from the sale of bonds under this subchapter shall be deposited with the county or municipal treasurer, as appropriate. The county or municipal treasurer shall hold the amounts in trust exclusively for the purposes prescribed by this subchapter.

    (b) The county or municipality shall hold all taxes collected to pay the interest on and principal of bonds issued under this subchapter in trust for the payment of the interest and principal. Any amount that exceeds the amount required to pay the annual interest on the bonds may be invested for the benefit of the sinking fund in:

    (1) bonds issued under this subchapter;

    (2) bonds of the state; or

    (3) bonds of the United States.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 16, eff. Sept. 1, 1999. Renumbered from Local Government Code, Section 421.010 by Acts 2007, 80th Leg., R.S., Ch. 885 , Sec. 3.76(c)(1), eff. April 1, 2009.