Sec. 264.047.  BOND PROCEEDS;  INVESTMENT OF FUNDS.  (a)  The board may set aside from the proceeds from the sale of bonds:
(1)  an amount for payment of not more than two years' interest on the bonds; 
(2)  the amount required for operating expenses during the first year of operation as estimated by the board;  and
(3)  an amount to fund any bond reserve fund or other reserve funds provided for in the bond resolution or trust indenture.
(b)  The bond proceeds may be deposited in banks and paid out under terms as provided in the bond resolution or trust indenture.
(c)  The law relating to the security for and the investment of county funds controls, to the extent applicable, the investment of the authority's funds.  The bond resolution or trust indenture may further restrict those investments.  Additionally, the authority may invest its bond proceeds, until that money is needed, as authorized by the bond resolution or trust indenture.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.