Section 489.257 - Use of Bond Proceeds The proceeds from the sale of bonds issued under this subchapter may be applied only for a purpose for which the bonds were issued, except that:
(1) any secured interest received in the sale shall be applied to the payment of the principal of or interest on the bonds sold and, if a portion of the proceeds is not needed for a purpose for which the bonds were issued, that portion shall be applied to the payment of the principal of or interest on the bonds; and(2) any premium received in the sale of the bonds shall be applied in accordance with Section 1201.042(d).Tex. Gov't. Code § 489.257
Added by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 947,Sec. 1, eff. 6/18/2021.