Tex. Education Code § 45.1105
This is the official text of Tex. Education Code § 45.1105, part of Texas’s Education Code — governs public schools and universities in Texas.
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§ 45.1105. USE OF UNSPENT GENERAL OBLIGATION BOND PROCEEDS.
Official statutory text
(a) A school district may use the unspent proceeds of issued general obligation bonds only:
(1) for the specific purposes for which the bonds were authorized;
(2) to retire the bonds; or
(3) for a purpose other than the specific purposes for which the bonds were authorized if:
(A) the specific purposes are accomplished or abandoned; and
(B) the board of trustees at a public meeting held only for the purpose of considering the use of the unspent bond proceeds approves in separate votes the use of the proceeds for:
(i) a purpose other than to retire the bonds; and
(ii) the purpose specified at the time the vote is taken.
(b) In addition to other requirements of law, notice of a public meeting held under this section must include a statement that the board of trustees will consider the use of unspent bond proceeds for a purpose other than the specific purposes for which the bonds were authorized.
(c) A public meeting held under this section must provide the public an opportunity to address the board of trustees on the question of using the unspent bond proceeds for a purpose other than the specific purposes for which the bonds were authorized.
(1) for the specific purposes for which the bonds were authorized;
(2) to retire the bonds; or
(3) for a purpose other than the specific purposes for which the bonds were authorized if:
(A) the specific purposes are accomplished or abandoned; and
(B) the board of trustees at a public meeting held only for the purpose of considering the use of the unspent bond proceeds approves in separate votes the use of the proceeds for:
(i) a purpose other than to retire the bonds; and
(ii) the purpose specified at the time the vote is taken.
(b) In addition to other requirements of law, notice of a public meeting held under this section must include a statement that the board of trustees will consider the use of unspent bond proceeds for a purpose other than the specific purposes for which the bonds were authorized.
(c) A public meeting held under this section must provide the public an opportunity to address the board of trustees on the question of using the unspent bond proceeds for a purpose other than the specific purposes for which the bonds were authorized.
Status: in_force · Read it on the official government site
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