(a) The Texas water resources fund is in the State Treasury.
(b) The fund shall be administered by the board in accordance with this subchapter, and the board shall create accounts within the fund that will facilitate the conservation of water resources and the payment of revenue bonds issued for the conservation of water resources.

(c) The board may use the fund only:
(1) to provide state matching funds for federal funds provided to the state water pollution control revolving fund or to any additional state revolving fund created under Subchapter J, Chapter 15;
(2) to provide financial assistance from the proceeds of taxable bond issues to water supply corporations organized under Chapter 67, and other participants;
(3) to provide financial assistance to participants for the construction of water supply projects and treatment works;
(4) to provide financial assistance for an interim construction period to participants for projects for which the board will provide long-term financing through the water development fund;
(5) to provide financial assistance for water supply and sewer service projects in economically distressed areas as provided by Subchapter K, Chapter 17, to the extent the board can make that assistance without adversely affecting the current or future integrity of the fund or of any other financial assistance program of the board;
(6) to provide funds to the water infrastructure fund created under § 15.973;
(7) to provide funds to the state water implementation revenue fund for Texas;
(8) to provide funds to the flood infrastructure fund created under § 15.533; and
(9) to provide funds to the Texas infrastructure resiliency fund created under § 16.452.
(d) Money in the fund may be invested by the board as permitted by this subchapter, other applicable law, or as provided by resolutions authorizing the issuance of revenue bonds.