{"data":{"id":"us-tx/tex.-local-government-code-303.074","jurisdiction":"us-tx","citation":"Tex. Local Government Code § 303.074","heading":"USE OF PROCEEDS.","body":"(a) The proceeds of the bonds of a corporation may be used to:\n(1) finance, refinance, or provide one or more public facilities;\n(2) maintain reserve funds determined by the sponsor and the corporation to be necessary and appropriate; or\n(3) pay any costs relating to the issuance or incurrence of bonds by the corporation and the purchase of sponsor obligations by the corporation, including:\n(A) the cost of:\n(i) financing charges and interest on the bonds;\n(ii) financing, legal, accounting, financial advisory, and appraisal fees, expenses, and disbursements;\n(iii) an insurance policy;\n(iv) printing, engraving, and reproduction services;\n(v) the initial and acceptance fees of a trustee, paying agent, bond registrar, or authenticating agent; and\n(vi) a credit agreement; and\n(B) reasonable amounts to reimburse the corporation for time spent by its agents or employees with respect to the issuance, incurrence, or purchase.\n(b) The purchase by the corporation of a sponsor obligation does not extinguish the debt represented by the sponsor obligation.\n(c) Pending a use described by Subsection (a), the proceeds may be invested in accordance with Section 303.041.\nAdded by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999.","path":["LOCAL GOVERNMENT CODE","TITLE 9. PUBLIC BUILDINGS AND GROUNDS","SUBTITLE C. PUBLIC BUILDING PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT","CHAPTER 303. PUBLIC FACILITY CORPORATIONS","SUBCHAPTER C. BONDS"],"source_url":"https://statutes.capitol.texas.gov/Docs/LG/htm/LG.303.htm#303.074","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:27Z","sha256":"264c6aed810b8491c331da138bff6b5ec10fc6147e183e92995b51e165a31b62","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-local-government-code-303.073","next":"us-tx/tex.-local-government-code-303.075"},"notice":"GroundRules: Original legal text. Not legal advice."}