Texas Government Code 1253.003 – Use of Unspent General Obligation Bond Proceeds
Current as of: 2024 | Check for updates
|
Other versions
(a) A political subdivision other than a school district may use the unspent proceeds of issued general obligation bonds only:
(1) for the specific purposes for which the bonds were authorized;
(2) to retire the bonds; or
(3) for a purpose other than the specific purposes for which the bonds were authorized if:
(A) the specific purposes are accomplished or abandoned; and
(B) a majority of the votes cast in an election held in the political subdivision approve the use of the proceeds for the proposed purpose.
(b) The election order and the notice of election for an election described by Subsection (a)(3)(B) must state the proposed purpose for which the bond proceeds are to be used.
Terms Used In Texas Government Code 1253.003
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(c) A political subdivision must hold an election described by Subsection (a)(3)(B) in the same manner as an election to issue bonds in the political subdivision.