Sec. 11006.260. USE OF BOND PROCEEDS. (a) The authority may set aside an amount of proceeds of the sale of authority bonds for:
(1) the payment of interest expected to accrue during construction not to exceed three years;
(2) a reserve interest and sinking fund; and
(3) other funds as may be provided in the resolution authorizing the bonds or in the trust indenture.
(b) The authority may use proceeds from the sale of bonds to pay any expense necessarily incurred in accomplishing the purpose of the authority, including:
(1) any expense of issuing and selling the bonds; and
(2) the amount needed to operate the authority during construction of the improvements.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.07, eff. April 1, 2017.
Text of section effective on April 01, 2017
Last modified: September 28, 2016