Sec. 1477.312. USE OF BOND PROCEEDS. (a) From the proceeds of bonds issued under this subchapter, the county may appropriate or set aside amounts to:
(1) pay interest expected to accrue during the construction period;
(2) deposit into a reserve fund, as provided in the order authorizing the bonds; and
(3) pay all expenses incurred in the issuance, sale, and delivery of the bonds.
(b) The bond proceeds, until they are needed to implement the purpose for which the bonds were issued, may be invested in direct obligations of the United States, placed on time deposit, or both.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
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