15-2053

15-2053. School facilities revenue bond
proceeds fund; use for new school facilities

A. If the school facilities board issues revenue bonds under this article, the
board shall establish a school facilities revenue bond proceeds fund consisting of the
net proceeds received from the sale of the bonds.

B. The school facilities board may use monies in the school facilities revenue bond
proceeds fund only for the purposes provided in section 15-2051, subsection A. Monies in
the revenue bond proceeds fund are exempt from lapsing under section 35-190.

C. The state treasurer or bond trustee shall administer and account for the school
facilities revenue bond proceeds fund.