Sec. 1232.122. COMMENCEMENT OF CONSTRUCTION, PURCHASE, OR LEASE. The acquisition or construction of a building or the purchase or lease of equipment may begin after:
(1) the authority has certified that obligations in an amount sufficient to pay the construction or purchase price of the project have been authorized for issuance by the authority and approved by the Bond Review Board; or
(2) the proceeds have been deposited into the state treasury and:
(A) the comptroller has certified that the proceeds are available;
(B) the reserve funds and capitalized interest, as certified by the authority as reasonably required, have been paid; and
(C) the costs of issuing the obligations, as certified by the authority, have been paid.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.010(a), eff. Sept. 1, 2001.
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