Use of Surplus Sinking Fund

Sec. 1471.028. USE OF SURPLUS SINKING FUND. An amount remaining in the sinking fund after the principal of and interest on the bonds are fully paid may be used by a political subdivision: (1) for the construction, maintenance, and operation of macadamized, graveled, or paved roads or turnpikes; (2) to aid a purpose described by Subdivision (1); or (3) for a permanent improvement authorized by law as determined by the officials of the political subdivision. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.