Sec. 1471.014.  BOND ANTICIPATION NOTES.  (a)  A political subdivision may issue bond anticipation notes authorized by Section 1471.012 for:
(1)  any purpose for which bonds of the political subdivision have been previously approved at an election;  or
(2)  refunding previously issued bond anticipation notes.
(b)  A political subdivision may covenant with the purchasers of the bond anticipation notes to use the proceeds of sale of any bonds in the process of being issued to refund the bond anticipation notes.  An issuer making a covenant under this subsection shall apply the proceeds received from the sale of the bonds in the process of being issued to pay the principal of, interest on, or redemption price of the bond anticipation notes.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.