Water Code §51.436

In force on Jul 08, 2022 · this text took effect Aug 30, 1971 · same as today's text

INTEREST AND SINKING FUND

(a) The district shall have an interest and sinking fund which shall include all taxes collected under this chapter. (b) Money in the interest and sinking fund may be used only: (1) to pay principal and interest on the bonds; (2) to defray the expenses of assessing and collecting the taxes; and (3) to pay principal and interest due under a contract with the United States if bonds have not been deposited with the United States. (c) Money in the fund shall be paid out of the fund on warrants by order of the board as provided in this chapter. (d) The depository shall receive and cancel each interest coupon and bond as it is paid and shall deliver it to the board to be recorded, cancelled, and destroyed.

History: Acts 1971, 62nd Leg., p. 343, ch. 58, Sec. 1, eff. Aug. 30, 1971.

Source: the Legislature's file server, seen Sep 22, 2018 to Nov 08, 2026.

Every version on file

Effective Aug 30, 1971 · seen Sep 2018–Nov 2026

Attorney General opinions that cite it

KP-0459 (Jul 08, 2022): Authority of a water control and improvement district to use surplus funds from its interest and sinking fund
JM-0142 (Apr 11, 1984): Whether a water district may use excess bond monies levied for the interest and sinking fund for a water pro- ject not described in the bond issue

A research copy. The official text is the Legislature's (statutes), the Secretary of State's (Texas Administrative Code) or eCFR's (federal rules). Not legal advice.