Use of Certain Proceeds

Sec. 317.111. USE OF CERTAIN PROCEEDS. From the proceeds of bonds issued under this chapter, the governing body of a municipality may appropriate or set aside: (1) an amount for the payment of interest expected to accrue while a facility is under construction; (2) an amount necessary to pay all expenses incurred and to be incurred in the issuance, sale, and delivery of the bonds; and (3) in the case of revenue bonds, an amount required by the ordinance authorizing the issuance of the bonds to be deposited to the credit of a reserve fund or other fund specified by the ordinance. Added by Acts 1999, 76th Leg., ch. 227, Sec. 24, eff. Sept. 1, 1999.