Texas § WA.55.518 - INTEREST AND SINKING FUND
Full text of Texas The Texas Constitution § WA.55.518 — INTEREST AND SINKING FUND, with citation guidance and answers to common questions.
§ WA.55.518. INTEREST AND SINKING FUND
INTEREST AND SINKING FUND. (a) The district shall have an interest and sinking fund which shall consist of all taxes collected under the provisions of this chapter for this fund. (b) Money in the interest and sinking fund shall be paid out only: (1) to satisfy and discharge interest on the bonds; (2) to pay the bonds; (3) to defray the expense of assessing and collecting the tax; and (4) to pay principal and interest due to the United States under a contract with the district under which bonds have not been deposited with the United States. (c) The board shall order money from the fund to be paid out by warrants drawn as provided in this chapter. When funds are paid out, the depository shall receive and cancel the interest coupon or bond paid, and the interest coupon or bond shall be delivered to the board to be cancelled and destroyed. Acts 1971, 62nd Leg., p. 470, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Frequently Asked Questions About Texas § WA.55.518
What does The Texas Constitution § WA.55.518 cover?
Section WA.55.518 ("INTEREST AND SINKING 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.55.518?
A common citation format is "The Texas Constitution § WA.55.518" (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.55.518 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.