Texas Health and Safety Code

§ 223.029 — USE OF PROCEEDS

HS § 223.029Title 4. HEALTH FACILITIES · Part A. FINANCING, CONSTRUCTING, REGULATING, AND INSPECTING · Ch. 223. HOSPITAL PROJECT FINANCING ACT · Art. C. HOSPITAL PROJECT BONDS

Statute text

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(a)The proceeds of the bonds may be:

(1)used only for the payment of hospital project costs for which the bonds are issued; and

(2)disbursed in the manner and subject to the restrictions provided in the resolution authorizing the issuance or in the trust agreement securing the bonds.

(b)The issuer shall be paid, from the proceeds of its bonds, money in the amount equal to:

(1)the issuer's actual expenditures for financing, legal, printing, and other expenses incurred in issuing, selling, and delivering the bonds; and

(2)the compensation paid to the issuer's employees for the time the employees spent on activities related to the issuance, sale, and delivery of the bonds.

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Legislative history

Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.