Texas § LA.203.255 - BOND PROCEEDS
Full text of Texas The Texas Constitution § LA.203.255 — BOND PROCEEDS, with citation guidance and answers to common questions.
§ LA.203.255. BOND PROCEEDS
BOND PROCEEDS. (a) The proceeds of bonds issued by the authority under this subchapter may be deposited with a trustee selected by the authority and the commission or held by the comptroller in a dedicated trust fund outside the state treasury in the custody of the comptroller. (b) Bond proceeds, including investment income, shall be held in trust for the exclusive use and benefit of the commission. The commission may use the proceeds to: (1) repay the principal and interest of previous advances from the federal trust fund; (2) pay unemployment benefits by depositing the proceeds in the unemployment compensation fund, as defined in Subchapter B; (3) pay the costs of issuing the bonds; (4) provide a bond reserve; and (5) pay capitalized interest on the bonds for the period determined necessary by the commission, not to exceed two years. (c) Any excess money remaining after the purposes for which the bonds were issued is satisfied may be used to purchase or redeem outstanding bonds. (d) If there are no outstanding bonds or bond interest to be paid, the remaining proceeds shall be transferred to the unemployment compensation fund. Added by Acts 2003, 78th Leg., ch. 317, Sec. 5, eff. June 18, 2003; Acts 2003, 78th Leg., ch. 817, Sec. 6.05, eff. June 20, 2003.
Frequently Asked Questions About Texas § LA.203.255
What does The Texas Constitution § LA.203.255 cover?
Section LA.203.255 ("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 § LA.203.255?
A common citation format is "The Texas Constitution § LA.203.255" (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 § LA.203.255 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.