Texas § GV.1502.060 - USE AND INVESTMENT OF PROCEEDS
Full text of Texas The Texas Constitution § GV.1502.060 — USE AND INVESTMENT OF PROCEEDS, with citation guidance and answers to common questions.
§ GV.1502.060. USE AND INVESTMENT OF PROCEEDS
USE AND INVESTMENT OF PROCEEDS. (a) To the extent provided by the proceedings authorizing the issuance of the public securities issued under this chapter, a municipality may: (1) use proceeds from the sale of public securities issued to provide funds for a utility system under this chapter for any purpose authorized by Section 1502.051 (a)(1) or (b); (2) use proceeds from the sale of public securities issued to provide funds for a park under this chapter for any purpose authorized by Section 1502.051 (a)(2); or (3) use proceeds from the sale of public securities to provide funds for a swimming pool under this chapter for any purpose authorized by Section 1502.051 (a)(3). (b) A municipality may use proceeds from the sale of public securities issued under this chapter to pay interest on the public securities during the period of the acquisition or construction of any facilities to be provided through the issuance of the public securities, and for one year after completion of the acquisition or construction of the facilities. (c) A municipality may use proceeds from the sale of public securities issued under this chapter to: (1) provide a reserve for the payment of debt service on the public securities; (2) provide a reserve for extraordinary repairs and replacements; or (3) obtain a credit agreement as provided by Section 1502.064 . (d) A municipality may invest proceeds from the sale of public securities issued under this chapter to the extent and in the manner provided in the proceedings authorizing the issuance of the public securities. Added by Acts 1999, 76th Leg., ch. 1064, Sec. 22, eff. Sept. 1, 1999.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § GV.1502.060
What does The Texas Constitution § GV.1502.060 cover?
Section GV.1502.060 ("USE AND INVESTMENT OF PROCEEDS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § GV.1502.060?
A common citation format is "The Texas Constitution § GV.1502.060" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § GV.1502.060 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.