Sec. 265.043. SALE AND USE OF PROCEEDS. (a) The revenue bonds may be sold at public or private sale at a price and under terms determined by the directors. The bonds may bear interest at a rate not to exceed the maximum rate provided by Chapter 1204 , Government Code. (b) Proceeds from the sale of the bonds may be used, if the use is authorized in the proceedings authorizing issuance of the bonds, to: (1) pay interest on the bonds during the construction of hospital facilities acquired through issuance of the bonds; (2) pay operation and maintenance expense of the hospital facilities to the extent and for the time specified in the proceedings; (3) create reserves for the payment of principal of and interest on the bonds; or (4) invest, until needed, to the extent and in the manner provided in the bond resolution or a trust indenture executed in connection with the bonds.
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