(a) Pending the issuance of revenue bonds under this subchapter, a municipality may:(1) spend, in connection with a toll bridge, money that is not required by law to be used for another purpose; or(2) issue notes for an expenditure described by Subdivision (1).(b) A municipality may use proceeds of revenue bonds issued under this subchapter to repay money spent under Subsection (a).(c) Notes issued under Subsection (a) may have any characteristic the governing body considers appropriate and:(1) bear rates of interest, be payable from available sources, and be secured in the same manner as revenue bonds issued under this subchapter; or(2) be payable from:(A) the proceeds of refunding bonds issued under this subchapter; or(B) both revenue bonds and refunding bonds. Added by Acts 1999, 76th Leg., ch. 227, Sec. 25, eff. Sept. 1, 1999.
Texas Legal Code