1253.003 – USE OF UNSPENT GENERAL OBLIGATION BOND PROCEEDS.
Texas Government Code § 1253.003
Summary
This law regulates how political subdivisions in Texas can use unspent proceeds from general obligation bonds. It allows these funds to be used for their originally authorized purposes, to retire the bonds, or for other purposes if certain conditions are met, including voter approval.
Funds can only be used for authorized purposes or bond retirement.
Alternative uses require completion or abandonment of original purposes.
Voter approval is necessary for alternative uses of funds.
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In simple terms: Learn about Texas's USE OF UNSPENT GENERAL OBLIGATION BOND PROCEEDS. law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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