28-6304. Bond account; expenditures


A. The state treasurer shall:


1. Hold monies in the bond account in trust for the owners of the bonds.


2. Pay monies in the bond account to the county, to paying agents or to the owners
of the bonds directly in accordance with a resolution of the board authorizing the
issuance of the bonds.


B. Monies in the bond account may be used:


1. To pay bond related expenses or recurring expenses pertaining to administration
and payment of the bonds.


2. For funding reserves for the payment of the bonds.


3. For payment of fees, charges and expenses incurred with respect to bond related
obligations.


C. Monies in the bond proceeds account may be obligated or spent as directed by the
board for the:


1. Payment of all bond related expenses.


2. Establishment and funding of reserve monies or to pay interest on bonds during
the expected period of construction.


3. Payment of fees, charges and expenses incurred with respect to bond related
obligations.


4. Design, right-of-way purchase or construction related to new, or improvements
to, freeways and other routes in the state highway system that are included in the
regional transportation plan of the county and that are accepted into the state highway
system.


5. Design, right-of-way purchase or construction related to new, or improvements
to, major arterial streets and intersections that are included in the regional
transportation plan of the county. For the purposes of this paragraph, "major arterial"
means an interconnected thoroughfare whose primary function is to link areas in the
region and to distribute traffic to and from controlled access highways, generally of
regionwide significance and of varying capacity depending on the travel demand for the
specific direction and adjacent land uses.


6. Design and construction of interim roadways within the adopted corridors of the
regional transportation plan of the county pursuant to section 28-6309.


7. Right-of-way costs associated with the construction of interim roadways pursuant
to section 28-6310.


8. Payment of principal and interest on the bonds.