(a) Bonds shall be issued for the purpose of financing superprojects.
(b) The proceeds of the bonds shall be applied:
(1) To the payment of project costs and the costs and expenses of issuance of the bonds;
(2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay project costs; or
(3) For refunding of bonds as provided in this subchapter.
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