Sec. 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.
Added by Acts 2019, 86th Leg., R.S., Ch. 726 (H.B. 440), Sec. 1, eff. September 1, 2019.