Texas § HS.262.047 - BOND PROCEEDS
Full text of Texas The Texas Constitution § HS.262.047 — BOND PROCEEDS, with citation guidance and answers to common questions.
§ HS.262.047. BOND PROCEEDS
BOND PROCEEDS; INVESTMENT OF FUNDS. (a) The board may set aside from the proceeds from the sale of bonds: (1) an amount for payment of not more than two years' interest on the bonds; (2) the amount required for operating expenses during the first year of operation as estimated by the board; and (3) an amount to fund any bond reserve fund or other reserve funds provided for in the bond resolution or trust indenture. (b) The bond proceeds may be deposited in banks and paid out under terms as provided in the bond resolution or trust indenture. (c) The law relating to the security for and the investment of municipal funds controls, to the extent applicable, the investment of the authority's funds. The bond resolution or trust indenture may further restrict those investments. Additionally, the authority may invest its bond proceeds, until that money is needed, as authorized by the bond resolution or trust indenture. Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Frequently Asked Questions About Texas § HS.262.047
What does The Texas Constitution § HS.262.047 cover?
Section HS.262.047 ("BOND 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 § HS.262.047?
A common citation format is "The Texas Constitution § HS.262.047" (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 § HS.262.047 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.