Texas § LG.322.073 - PROCEEDS
Full text of Texas The Texas Constitution § LG.322.073 — PROCEEDS, with citation guidance and answers to common questions.
§ LG.322.073. PROCEEDS
PROCEEDS. (a) The proceeds of the bonds shall be used under the restrictions provided in the resolution. The holders of the bonds and any trustee provided for in respect to the bonds have a lien on the proceeds until so applied, but neither the depository of those funds nor the trustee is obligated to ensure the proper application of the funds except as expressly provided in the resolution or the indenture securing the bonds. (b) From the bond proceeds there may be set aside: (1) an amount for payment of interest on the bonds estimated to accrue during the construction period and any additional period prescribed in the resolution; and (2) an amount for the interest and sinking fund or another reserve fund provided for in the resolution. (c) Proceeds remaining after the amounts are set aside under Subsection (b) shall be used for the payment of all expenses necessarily incurred in the issuance and sale of the bonds and then for the purposes specified in the resolution. (d) Any surplus remaining after accomplishment of the bond purposes shall be used for retiring the bonds to the extent that they can be purchased at prevailing market prices or be retained for future expansion or improvements. Acts 1987, 70th Leg., ch. 149, Sec. 1, eff. Sept. 1, 1987.
Frequently Asked Questions About Texas § LG.322.073
What does The Texas Constitution § LG.322.073 cover?
Section LG.322.073 ("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 § LG.322.073?
A common citation format is "The Texas Constitution § LG.322.073" (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 § LG.322.073 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.