If the use authorized by the order or resolution authorizing the issuance of a bond under Section 221.046, the bond proceeds may be used to:
(1) pay interest on the bond during or after the acquisition or construction of an improvement project financed by the bond issue;
(2) pay administrative and operation expenses;
(3) create a reserve fund for payment of the principal of and interest on the bonds; or
(4) create any other fund.