Use of Bond Proceeds

Sec. 1504.265. USE OF BOND PROCEEDS. From the proceeds of bonds issued under this subchapter, a municipality may appropriate or set aside amounts: (1) to pay interest and administrative and operating expenses expected to accrue during the period of construction; (2) to be deposited into the reserve fund as provided in the ordinance authorizing the issuance of the bonds; and (3) to pay all expenses incurred in the issuance, sale, and delivery of the bonds. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.