1. (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. (1) shall be deposited to the credit of the bond and interest redemption fund for the bonds; and

   2. (2) may be used only to:

      1. (A) pay the principal of the bonds; or
      2. (B) purchase outstanding bonds of the issue from which the proceeds were derived.
2. (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.
3. (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.