Sec. 7208.258. USE OF BOND PROCEEDS

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(a) If permitted in the resolution that authorized the issuance of the bond, the proceeds from the sale of the bond may be used:
(1) to pay the interest on the bond during the period of acquisition or construction of facilities to be provided through the issuance of the bond;
(2) to pay the operating and maintenance expenses of district facilities;
(3) to create a reserve fund for the payment of the principal of and interest on the bond; and
(4) in any other manner that is necessary, appropriate, or convenient to accomplish a district purpose.
(b) The proceeds from the sale of a bond may be placed on time deposit or invested as provided by the resolution that authorized the issuance of the bond.

Added by Acts 2007, 80th Leg., R.S., Ch. 920 , Sec. 1.07, eff. April 1, 2009.

                    
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