Money for the payment of not more than two years' interest on the bonds and an amount estimated by the board to be required for operating expenses during the first year of operation may be set aside for those purposes out of the proceeds from the sale of the bonds.
Tex. Educ. Code § 53.38
RESERVES FOR OPERATING AND OTHER EXPENSES
Known as the Higher Education Facility Authority for Public Schools Act
The act spans §§ 53–53 (28 sections).
Acts 1971, 62nd Leg., p. 3072, ch. 1024, art. 1, Sec. 1, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.