1. (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. (1) pay district bonds and satisfy and discharge interest on the bonds; and
   2. (2) defray the expense of imposing a tax for the fund.

2. (b) The maintenance and improvement fund consists of money collected by assessment or other sources for:

   1. (1) the maintenance of property owned or acquired by the district;
   2. (2) necessary improvements to be made by the district; and
   3. (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.