Texas Water Code

§ 55.518 — INTEREST AND SINKING FUND

WA § 55.518Title 4. GENERAL LAW DISTRICTS · Ch. 55. WATER IMPROVEMENT DISTRICTS · Art. L. ISSUANCE OF BONDS

Statute text

(a)The district shall have an interest and sinking fund which shall consist of all taxes collected under the provisions of this chapter for this fund.

(b)Money in the interest and sinking fund shall be paid out only:

(1)to satisfy and discharge interest on the bonds;

(2)to pay the bonds;

(3)to defray the expense of assessing and collecting the tax; and

(4)to pay principal and interest due to the United States under a contract with the district under which bonds have not been deposited with the United States.

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Legislative history

Acts 1971, 62nd Leg., p. 470, ch. 58, Sec. 1, eff. Aug. 30, 1971.