Sec. 254.061.  USE OF CERTAIN PROCEEDS.  From the proceeds from the sale of obligations issued under this chapter, there may be appropriated or set aside:
(1)  an amount for the payment of interest expected to accrue while an island property facility or improvement is under construction;
(2)  an amount necessary to pay expenses related to the issuance, sale, and delivery of the obligations;  and
(3)  an amount required by the ordinance or resolution authorizing the issuance of the obligations to be deposited to the credit of a reserve or other fund.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.