Texas Education Code

§ 45.1105 — USE OF UNSPENT GENERAL OBLIGATION BOND PROCEEDS

ED § 45.1105Title 2. PUBLIC EDUCATION · Part I. SCHOOL FINANCE AND FISCAL MANAGEMENT · Ch. 45. SCHOOL DISTRICT FUNDS · Art. E. MISCELLANEOUS PROVISIONS

Statute text

View on source

(a)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)the board of trustees at a public meeting held only for the purpose of considering the use of the unspent bond proceeds approves in separate votes the use of the proceeds for:

…

Legislative history

Added by Acts 2019, 86th Leg., R.S., Ch. 726 (H.B. 440), Sec. 1, eff. September 1, 2019.