Sec. 1001.358.  USE OF REVENUE BOND PROCEEDS.  (a)  If permitted in the bond ordinance, any required part of the proceeds from the sale of the revenue bonds may be used to:
(1)  pay interest on the bonds during the construction of a hospital facility to be provided through the issuance of the bonds;
(2)  pay operation and maintenance expenses of the facility to the extent and for the time specified in the bond ordinance; and
(3)  create reserves for the payment of the principal of and interest on the bonds.
(b)  The proceeds of the bonds may be invested until needed to the extent and in the manner provided by the bond ordinance.
Added by Acts 2005, 79th Leg., Ch. 729 (H.B. 2019), Sec. 1.01, eff. April 1, 2007.