Texas Government Code 1477.062 – Use of Bond Proceeds
Current as of: 2024 | Check for updates
|
Other versions
(a) The proceeds of bonds issued under this subchapter may only be used to pay the cost of the project for which the bonds were issued.
(b) The county shall disburse the proceeds of the bonds in accordance with any restrictions provided in the order authorizing the bonds.
Terms Used In Texas Government Code 1477.062
- Lien: A claim against real or personal property in satisfaction of a debt.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) The bondholders have a lien on the proceeds until the proceeds are applied.
(d) The bond proceeds, pending their use for the construction of the project, may be invested in direct obligations of the United States having maturities not more than 91 days from the date of investment.