Use of Certain Proceeds

Sec. 254.061. USE OF CERTAIN PROCEEDS. From the proceeds from the sale of obligations issued under this chapter, there may be appropriated or set aside: (1) an amount for the payment of interest expected to accrue while an island property facility or improvement is under construction; (2) an amount necessary to pay expenses related to the issuance, sale, and delivery of the obligations; and (3) an amount required by the ordinance or resolution authorizing the issuance of the obligations to be deposited to the credit of a reserve or other fund. Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.