Texas Special District Local Laws Code 8506.155 – Use of Excess Revenue
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Terms Used In Texas Special District Local Laws Code 8506.155
- Statute: A law passed by a legislature.
If the authority receives revenue in excess of that required for the purposes specified by Section 8506.154(b), the board may:
(1) use the excess revenue to:
(A) establish a reasonable depreciation and emergency fund; or
(B) retire bonds issued under this chapter or its predecessor statute by purchase and cancellation or redemption; or
(2) apply the excess revenue to any corporate purpose.