Texas Agriculture Code 59.015 – Use of Fund to Pay Costs of Issuance and Debt Service
(a) The board may use money in the fund attributable to the issuance and sale of bonds to pay:
(1) legal fees and fees for financial advice the board finds necessary for the sale of bonds;
(2) the expense of publishing notice of sale of an installment of bonds;
(3) the expense of printing the bonds;
(4) the expense of issuing the bonds, including the actual costs of travel, lodging, and meals of officers, members, or employees of the board, directors or employees of the authority, the comptroller, or the attorney general that the board finds necessary to implement the issuance, rating, or delivery of the bonds;
(5) the cost of manually signing the bonds;
(6) remuneration to any agent employed by the board to pay the principal of and interest on the bonds;
(7) any amount required to be paid to maintain the federal tax exemption of interest on the bonds; or
(8) any other cost, fee, or expense relating to the issuance of the bonds.
(b) If, during the existence of the fund or during the period any bonds are payable from the fund, the board determines that there will not be sufficient money in the fund during the following fiscal year to pay the principal of or interest on the bonds that is to come due during the following fiscal year, the comptroller shall transfer to the fund from the first money coming into the state treasury not otherwise appropriated by the constitution an amount sufficient to pay the obligations.
Terms Used In Texas Agriculture Code 59.015
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The money transferred to the fund under Subsection (b) of this section shall be used to pay the obligations only if at the time the principal or interest becomes due there is not sufficient money in the fund to pay the amount due.