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TEXAS STATUTES AND CODES
CHAPTER 1332. USE OF MUNICIPAL BOND PROCEEDS FOR OTHER PURPOSES
GOVERNMENT CODE
TITLE 9. PUBLIC SECURITIES
SUBTITLE E. PROVISIONS APPLICABLE TO SECURITIES ISSUED BY
MUNICIPALITIES
CHAPTER 1332. USE OF MUNICIPAL BOND PROCEEDS FOR OTHER PURPOSES
Sec. 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, Sec. 1, eff. Sept. 1,
1999.
Sec. 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, Sec. 1, eff. Sept. 1,
1999.