(a) The board may set aside part of the bond proceeds to:(1) pay interest on the bonds and administrative and operational expenses expected to accrue during the period of construction of the improvements or facilities; and(2) create reserves for the payment of the principal of and interest on the bonds.(b) For purposes of Subsection (a), the period of construction may not exceed two years. Added by Acts 2011, 82nd Leg., R.S., Ch. 70 (S.B. 1147), Sec. 1.02, eff. April 1, 2013.
Texas Legal Code