Texas Attorney General Opinion: WW-854 Page: 2 of 4
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Mr. A. W. Walker, page 2 (WW-854)
ad valorem taxes sufficient to pay the interest on authorized
bonds and create a sinking fund for their redemption, states:
"Provided that when the principal and all
interest on said bonds are fully paid, in
the event there is any surplus remaining in
the Sinking Fund, not in excess of One Thou-
sand ($1,000.00) Dollars, said remaining
surplus not used in the full payment of the
principal and interest on said bond or bonds
may be used by the county for maintaining and
repairing the courthouse and jail and the
roads and bridges of said county, as may be
determined by the Commissioners Court."
Thus, we see that before any of the surplus funds of
such a sinking fund may be expended for the purposes named in
the statute, the principal and all interest on the bonds for
which such sinking fund was established must be fully paid.
Article 4379b, Vernon's Civil Statutes, provides for
the discretionary designation of the State Treasurer as paying
agent on bonds issued by counties in Texas, and designates him
ex officio Treasurer and fiscal agent of such counties for the
purpose of receiving deposits of funds for the payment of bonds
issued by such counties and interest thereon. However, Section
5 of Article 4379b provides that "At the request of the munici-
pality or political subdivision, the State Treasurer shall remit
to said municipality or subdivision of the State any balance
remaining in his hands more than two years, for which bonds or
coupons have not been presented for payment . 0 ." Therefore,
if in 1960 Dickens County deposits with the State Treasurer all
of the money necessary to service the principal and interest on
the outstanding bonds to maturity, then, two years later, at
the request of the county, any remaining balance must be remitted
to the county. A deposit made by the present Commissioners'
Court of Dickens County will not be binding on the county in the
future.
From the information which you have submitted to this
office, it appears that the outstanding bonds above referred too - .
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Texas. Attorney-General's Office. Texas Attorney General Opinion: WW-854, text, June 7, 1960; (https://texashistory.unt.edu/ark:/67531/metapth267466/m1/2/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.