The proceeds shall be paid out, disbursed, or applied solely for one or more of the following:
(a) The construction, reconstruction, and repair of the project.
(b) Surveys and the preparation of plans and specifications.
(c) Payment of all other costs and expenses prior to and during construction.
(d) The acquisition of the necessary water, water rights, rights-of-way, easements, lands, electric power, power resources and facilities, other property of every kind and description, and any appurtenances to that property necessary therefor, including facilities planned and designed in cooperation with, and among, water agencies, water districts, and irrigation districts.
(e) The payment of interest becoming due and payable on bonds prior to and during the period of actual construction and for the period of one year after the completion of construction.
(f) All costs and expenses during a period of one year after completion of construction only as the need therefor shall arise.
(g) The establishment of a debt service reserve fund.
(Amended by Stats. 1992, Ch. 427, Sec. 170. Effective January 1, 1993.)
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