2005 Texas Government Code CHAPTER 1332. USE OF MUNICIPAL BOND PROCEEDS FOR OTHER PURPOSES

GOVERNMENT CODE

CHAPTER 1332. USE OF MUNICIPAL BOND PROCEEDS FOR OTHER PURPOSES


	§ 1332.001. USE OF UNSPENT BOND PROCEEDS FOR OTHER 
PURPOSES.  The governing body of a municipality may use the 
proceeds of municipal bonds that have been sold and delivered for a 
specific purpose for a purpose other than the specific purpose if:
		(1)  the specific purpose is accomplished by other 
means or is abandoned;   
		(2)  the proceeds are unspent;  and                                           
		(3)  a majority of the votes cast in an election held in 
the municipality approve the use of the proceeds for the proposed 
purpose.

Added by Acts 1999, 76th Leg., ch. 227, § 1, eff. Sept. 1, 1999.           


	§ 1332.002. ELECTION.  (a) The election order and the 
notice of election must state the proposed purpose for which the 
bond proceeds are to be used.
	(b)  A municipality shall hold the election in the same 
manner as an election to issue bonds in the municipality.

Added by Acts 1999, 76th Leg., ch. 227, § 1, eff. Sept. 1, 1999.