Texas § WA.20.108 - FUNDS
Full text of Texas The Texas Constitution § WA.20.108 — FUNDS, with citation guidance and answers to common questions.
§ WA.20.108. FUNDS
FUNDS. (a) In the resolution or order authorizing issuance of bonds, the board may make additional covenants with respect to the bonds and the pledged revenues and may provide for the flow of funds and the establishment, maintenance, and investment of funds. (b) The funds established may include an interest and sinking fund, a reserve fund, and other funds that will be kept and maintained by or under the direction of the board. (c) Any funds established by the board are not to be part of the state treasury but, at the direction of the board, may be kept and held in escrow and in trust by the state treasury on behalf of the authority and the owners of the bonds and used only as provided by this chapter. (d) Money in the funds shall be invested in authorized investments as provided by any bond resolutions and orders of the authority. (e) Legal title to money in any fund is in the authority unless or until paid from the fund as provided by this chapter or the resolutions or orders authorizing the authority's bonds. (f) The comptroller, as custodian of any of the funds, shall administer the funds solely and strictly as provided by this chapter and the resolutions or orders authorizing the bonds, and the state may not take any other action relating to any of those funds except those specified in this chapter and the resolutions and orders authorizing the bonds. Added by Acts 1987, 70th Leg., ch. 728, Sec. 1, eff. June 20, 1987. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 20.08, eff. Sept. 1, 1997.
Frequently Asked Questions About Texas § WA.20.108
What does The Texas Constitution § WA.20.108 cover?
Section WA.20.108 ("FUNDS") 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 § WA.20.108?
A common citation format is "The Texas Constitution § WA.20.108" (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 § WA.20.108 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.