Texas Water Code 17.079 – Transfers to Interest and Sinking Fund
(a) The board shall determine:
(1) the amount of interest coming due on all bonds outstanding, except for those dedicated pursuant to § 17.0111 of this code;
(2) the amount of principal of bonds maturing and becoming payable during the fiscal year, except for those bonds dedicated pursuant to § 17.0111 of this code; and
(3) the average annual principal and interest requirements on all outstanding bonds, except for those bonds dedicated pursuant to § 17.0111 of this code.
(b) The comptroller shall transfer to the interest and sinking fund, after taking into account any money and securities on deposit in the interest and sinking fund, an amount necessary to pay:
(1) all principal and interest maturing on the bonds, except for those bonds dedicated pursuant to § 17.0111 of this code, during the fiscal year;
(2) all collection charges and exchanges on the bonds in Subsection (b)(1) of this section; and
(3) the money sufficient to establish and maintain an additional reserve equal to the average annual principal and interest requirements on all outstanding bonds, except for those bonds dedicated pursuant to § 17.0111 of this code.
Terms Used In Texas Water Code 17.079
- 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