Use of Excess Revenue

Sec. 8512.0406. USE OF EXCESS REVENUE. If the authority receives revenue in excess of that required for the purposes specified by Sections 8512.0405(b)(1), (2), (3), and (5), the board may: (1) use the excess revenue to: (A) establish a reasonable depreciation and emergency fund; or (B) retire bonds issued under this chapter by purchase and cancellation or redemption; or (2) apply the excess revenue to any corporate purpose. Added by Acts 2025, 89th Leg., R.S., Ch. 203 (H.B. 1615), Sec. 1.02, eff. April 1, 2027. Text of section effective on April 01, 2027