40 Tex. Admin. Code § 176.4 - Administration of the State Veterans Home Fund
(a) The proceeds from each bond sale shall be
part of the State Veterans Home Fund and shall first be used for the following
purposes:
(1) to satisfy the reserve
requirements of the particular covenants associated with the sale;
and
(2) to set up the initial debt
repayment associated with each sale.
(b) After the requirements of subsection (a)
of this section have been satisfied, the Board shall monitor the cash flow
requirements of the program and shall administer the fund to:
(1) meet all bond repayment requirements;
and
(2) make money available as
needed to construct, equip and/or maintain state veterans homes as provided by
the Natural Resources Code, Chapter 164.00 et seq, and this chapter.
(c) The Board may use money in the
fund attributable to bonds issued and sold to pay:
(1) expenses incidental and necessary to the
sale and delivery of the bonds, including, but not limited to, the following:
(A) fees for legal and financial
advice;
(B) the expense of
publishing notice of sale;
(C) the
expense of printing the bonds;
(D)
the expense of delivering the bonds, including the costs of travel, lodging,
and meals of officers or employees of the Board, the state comptroller, and the
attorney general, that are necessary in the opinion of the Board to effectuate
the delivery of bonds;
(E)
remuneration to any agent employed by the Board to pay the principal and
interest on the bonds; and
(F) any
other expenses deemed by the Board to be reasonable and necessary;
(2) capital expenditures by the
operator which involve items not described in the Board's contract with the
operator and which are not part of the operator's standard services. These
additional expenses must not be in conflict with any existing covenants or any
Board resolutions affecting the sale of bonds or administration of the fund.
All such additional expenditures must also be authorized and requested by a
resolution of the Board.
(d) Any money in the fund not immediately
needed for the purposes described in subsections (b) and (c) of this section
nor immediately committed to paying principal of and interest on the bonds, nor
the payment of expenses, may be invested in bonds or obligations as determined
by the Board.
(e) The Board may, by
resolution, make provisions for the administration of the Fund.
Notes
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