(a) Bonds may be issued to mature serially or otherwise not more than 40 years from their date of issue.(b) If provided by the bond order or resolution, the proceeds from the sale of bonds may be used to pay interest on the bonds during and after the period of the acquisition or construction of any park improvement project to be provided through the issuance of the bonds, to administrative and operation expenses to create a reserve fund for the payment of the principal of and interest on the bonds, and to create any other funds. Added by Acts 2009, 81st Leg., R.S., Ch. 1202 (H.B. 4789), Sec. 1, eff. June 19, 2009.
Texas Legal Code