(a) The interest and sinking fund consists of taxes collected for the fund. Money in the interest and sinking fund may be paid out only to:(1) pay district bonds and satisfy and discharge interest on the bonds; and(2) defray the expense of imposing a tax for the fund.(b) The maintenance and improvement fund consists of money collected by assessment or other sources for:(1) the maintenance of property owned or acquired by the district;(2) necessary improvements to be made by the district; and(3) the general purposes of the district. Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.01, eff. April 1, 2017.
Texas Legal Code