Sec. 1401.081. CONDITIONS FOR BEGINNING PROJECT. The appropriate agency may begin an approved project financed under Subchapter D after:
(1) the authority has certified that the authority has authorized obligations in an amount sufficient to pay the construction or purchase price of the project under an interim construction finance agreement established by the authority in accordance with Chapter 1371; or
(2) the following conditions are met:
(A) the revenue bond proceeds are deposited;
(B) the comptroller has certified that the funds are available;
(C) any reserve funds or capitalized interest certified to be reasonably required by the authority has been transferred; and
(D) according to the authority's statement that specifies those costs, the costs of issuance of the bonds have been paid.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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