Tex. Nat. Resources Code Section 221.048
Bond Proceeds

If the use authorized by the order or resolution authorizing the issuance of a bond under Section 221.046 (Mitigation Bank Financing), 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.

Source: Section 221.048 — Bond Proceeds, https://statutes.­capitol.­texas.­gov/Docs/NR/htm/NR.­221.­htm#221.­048 (accessed Apr. 13, 2024).

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Accessed:
Apr. 13, 2024

§ 221.048’s source at texas​.gov