Bond proceeds shall be used only to pay the cost of infrastructure improvements, including: (1) the cost of establishing, acquiring, designing, constructing, extending, or altering infrastructure improvements; (2) the cost of issuing bonds; (3) payment of the principal of and interest on loans, money advances, or indebtedness incurred by the municipality for any purpose stated in § 21-410(a) of this subtitle, including refunding of bonds previously issued; and (4) funding of a debt service reserve fund or payment of interest before, during, or for a limited period of time after constructing the infrastructure improvements.
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