§47-5  Use of proceeds.  The proceeds ofthe bonds issued under this chapter shall be exclusively devoted to thepurposes for which the same are issued; provided, however, that:

(1)  By an affirmative vote of two-thirds of all ofthe members of the governing body, that part of the proceeds which isdetermined to be in excess of the amounts required for the purposes for whichthe bonds were initially issued, or which may not be applied to those purposes,or which the governing body deems should not be applied to those purposes, maybe applied to those other public improvements or authorized purposes of thecounty as the governing body may determine, or may be applied to the redemptionor retirement of bonds of the county issued pursuant to this chapter;

(2)  A determination by the governing body that theproceeds of a particular series or issue of bonds should not be applied to aparticular purpose shall not prohibit the application of the proceeds of asubsequent series or issue of bonds to such purpose; and

(3)  The actual use and application of the proceeds ofbonds issued pursuant to this chapter shall not in any way affect the validityor legality of those bonds. [L 1989, c 80, pt of §2; am L 1993, c 6, §5]