Purpose of bonds

(a) Bonds shall be issued for the purpose of financing superprojects. (b) The proceeds of the bonds shall be applied: (1) To the payment of project costs and the costs and expenses of issuance of the bonds; (2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay project costs; or (3) For refunding of bonds as provided in this subchapter. Acts 2003, No. 1751, § 8. (a) Bonds shall be issued for the purpose of financing superprojects. (b) The proceeds of the bonds shall be applied: (1) To the payment of project costs and the costs and expenses of issuance of the bonds; (2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay project costs; or (3) For refunding of bonds as provided in this subchapter. (1) To the payment of project costs and the costs and expenses of issuance of the bonds; (2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay project costs; or (3) For refunding of bonds as provided in this subchapter. Acts 2003, No. 1751, § 8.