Sec. 364.055. INVESTMENT AND USE OF PROCEEDS. (a) The commissioners court may set aside from proceeds of a bond sale: (1) interest to accrue on the bonds; (2) administrative expenses to the estimated date when the solid waste disposal system will become revenue producing; and (3) reserve funds created by the resolution authorizing the bonds. (b) Proceeds from the sale of bonds may be invested, pending their use, in the securities or time deposits as specified by the resolution authorizing the issuance of the bonds or the trust indenture securing the bonds. (c) The earnings on the investments may be applied as provided by the resolution or trust indenture.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.