Sec. 283.201. BOND PROCEEDS. (a) Except as provided in Subsection (b), the proceeds of bonds issued under this chapter shall be:
(1) used only to pay the cost of the project described by Section 283.202; and
(2) disbursed consistent with the terms of the bond instrument.
(b) Bond proceeds remaining after the cost of the project has been paid in full shall be used to pay interest on and retire the bonds.
(c) Unless otherwise provided in a bond instrument, if the bond proceeds are insufficient to pay the cost of the project, additional bonds may be issued up to the amount of the deficit and the bonds are:
(1) considered part of the same issue as the bonds first issued; and
(2) entitled to payment from the same fund without preference or priority of the bonds first issued.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
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