Section 45.1105 - Use of Unspent General Obligation Bond Proceeds(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.Tex. Educ. Code § 45.1105
Added by Acts 2019, Texas Acts of the 86th Leg.- Regular Session, ch. 726,Sec. 1, eff. 9/1/2019.