Sec. 1504.265.  USE OF BOND PROCEEDS.  From the proceeds of bonds issued under this subchapter, a municipality may appropriate or set aside amounts:
(1)  to pay interest and administrative and operating expenses expected to accrue during the period of construction;
(2)  to be deposited into the reserve fund as provided in the ordinance authorizing the issuance of the bonds;  and
(3)  to pay all expenses incurred in the issuance, sale, and delivery of the bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.