(a) The district may set aside and use an amount of proceeds from the sale of bonds issued under this subchapter 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 provided by the resolution authorizing the bonds or in the trust indenture.(b) The district may use proceeds from the sale of the bonds to pay any expense necessarily incurred in accomplishing the purpose of the district, including any expense of issuing and selling the bonds. Added by Acts 2007, 80th Leg., R.S., Ch. 920 (H.B. 3166), Sec. 1.06, eff. April 1, 2009.
Texas Legal Code