19-2862b. Same; use of bond proceeds.
19-2862b
19-2862b. Same; use of bond proceeds.
The proceeds of the bonds of each issue shall be used solely for the
payment of the cost of acquiring or constructing recreational facilities
for which such bonds shall have been issued, and shall be disbursed in such
manner and under such restrictions, if any, as the board may provide in the
resolution authorizing the issuance of such bonds or in the trust agreement
hereinafter mentioned securing the same. If the proceeds of the bonds of
any issue, by error of estimates or otherwise, shall be less than such
cost, additional bonds may in like manner be issued to provide the amount
of such deficit, and, unless otherwise provided in the resolution
authorizing the issuance of such bonds or in the trust agreement securing
the same, shall be deemed to be of the same issue and shall be entitled to
payment from the same fund without preference or priority of the bonds
first issued. If the proceeds of the bonds of any issue shall exceed such
cost, surplus shall be deposited to the credit of the sinking fund for such
bonds.
History: L. 1968, ch. 227, § 3; L. 1970, ch. 113, § 2; L. 1974, ch. 125, § 2;
July 1.