Texas § WA.55.458 - LOAN FUND
Full text of Texas The Texas Constitution § WA.55.458 — LOAN FUND, with citation guidance and answers to common questions.
§ WA.55.458. LOAN FUND
LOAN FUND. (a) The board may pay or contract to pay on any bonds which it has sold or pledged, in addition to taxes, other funds derived from: (1) water charges for use of water in the district; (2) sale or supply of water to any city, town, municipal corporation, district, or land or user of water outside the boundaries of the district; (3) sale of water to any commercial or industrial enterprise; (4) sale of hydroelectric power; or (5) any or all of these sources of revenue. (b) The board shall fix the amount to be derived from these sources for this purpose and shall enforce and collect it in the same manner provided to collect charges or assessments for maintenance and operation. All liens and remedies provided by law to secure and enforce the collection of charges and assessments for maintenance and operation of the district are applicable to securing and enforcing the collection of these funds. (c) Money collected under this section shall be kept in a separate fund called the "loan fund" and shall be used only for the purpose of paying the principal and interest on the bonds for as long as the bonds remain unpaid. (d) The charge created by this section is an additional and distinct charge and a source of income of the district over and above its income for maintenance and operation and other purposes. (e) After the loan fund is created and pledged, the action of the board in fixing the amount of the charge and in fixing the total annual charges for maintenance and operation may not be reviewed by the commission regardless of any law to the contrary. Acts 1971, 62nd Leg., p. 464, ch. 58, Sec. 1, eff. Aug. 30, 1971. Amended by Acts 1981, 67th Leg., p. 982, ch. 367, Sec. 26, eff. June 10, 1981. SUBCHAPTER L. ISSUANCE OF BONDS
Frequently Asked Questions About Texas § WA.55.458
What does The Texas Constitution § WA.55.458 cover?
Section WA.55.458 ("LOAN FUND") 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.55.458?
A common citation format is "The Texas Constitution § WA.55.458" (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.55.458 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.