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.
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