Sec. 7803.205. USE OF BOND PROCEEDS DURING CONSTRUCTION. (a) The board may set aside part of the bond proceeds to:
(1) pay interest on the bonds during the period of construction of improvements or facilities; and
(2) create reserves for the payment of the principal of and interest on the bonds.
(b) For purposes of Subsection (a), the period of construction may not exceed two years.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.02, eff. April 1, 2015.
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