The district may use bond proceeds to pay or to establish a reasonable reserve to pay not more than three years' interest on the notes and bonds of the district as provided in the bond orders or resolutions.
Tex. Water Code § 54.521
USE OF BOND PROCEEDS TO PAY CERTAIN INTEREST
Added by Acts 1979, 66th Leg., p. 882, ch. 402, 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.