(a) Use of product development bond proceeds. The proceeds of the product development bonds may be used:
(1) to fund reasonably required reserve accounts.
(2) to pay costs incurred in issuing the bonds; and
(3) to either:
(b) Use of small business incubator bond proceeds. The proceeds of the small business incubator bonds may be used:
(1) to fund reasonably required reserve accounts.
(2) to pay all costs incurred in issuing the bonds; and
(3) to either:
(c) In no event shall the board, the governing body, the office, or the unit have any obligation, financial or otherwise, to any person for failure to issue, sell, or deliver its bonds.
Source Note: The provisions of this §177.4 adopted to be effective May 29, 2005, 30 TexReg 3089