Texas Transportation Code

§ 317.111 — USE OF CERTAIN PROCEEDS

TN § 317.111Title 6. ROADWAYS · Part E. MUNICIPAL STREETS · Ch. 317. ELIMINATION OF GRADE-LEVEL STREET CROSSINGS BY RAILROAD LINES IN MUNICIPALITIES WITH POPULATION OF MORE THAN 100,000 · Art. C. BONDS

Statute text

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From the proceeds of bonds issued under this chapter, the governing body of a municipality may appropriate or set aside:

(1)an amount for the payment of interest expected to accrue while a facility is under construction;

(2)an amount necessary to pay all expenses incurred and to be incurred in the issuance, sale, and delivery of the bonds; and

(3)in the case of revenue bonds, an amount required by the ordinance authorizing the issuance of the bonds to be deposited to the credit of a reserve fund or other fund specified by the ordinance.

Legislative history

Added by Acts 1999, 76th Leg., ch. 227, Sec. 24, eff. Sept. 1, 1999.