Sec. 1505.080.  UNEXPENDED BALANCE.  (a)  Any proceeds of the sale of bonds issued under this subchapter that are unspent after completion of the project for which the bonds were issued:
(1)  shall be deposited to the credit of the bond and interest redemption fund for the bonds;  and
(2)  may be used only to:
(A)  pay the principal of the bonds;  or
(B)  purchase outstanding bonds of the issue from which the proceeds were derived.
(b)  A bond may not be purchased under Subsection (a)(2)(B) for a price that exceeds, excluding accrued interest, the face amount of the bond.
(c)  A bond purchased under Subsection (a)(2)(B) must be canceled and may not be reissued.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.