Sec. 221.048.  BOND PROCEEDS.  If the use authorized by the order or resolution authorizing the issuance of a bond under Section 221.046, the bond proceeds may be used to:
(1)  pay interest on the bond during or after the acquisition or construction of an improvement project financed by the bond issue;
(2)  pay administrative and operation expenses;
(3)  create a reserve fund for payment of the principal of and interest on the bonds;  or
(4)  create any other fund.
Added by Acts 1997, 75th Leg., ch. 165, Sec. 24.01(a), eff. Sept. 1, 1997.