19-2862b.   Same; use of bond proceeds.The proceeds of the bonds of each issue shall be used solely for thepayment of the cost of acquiring or constructing recreational facilitiesfor which such bonds shall have been issued, and shall be disbursed in suchmanner and under such restrictions, if any, as the board may provide in theresolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. If the proceeds of the bonds ofany issue, by error of estimates or otherwise, shall be less than suchcost, additional bonds may in like manner be issued to provide the amountof such deficit, and, unless otherwise provided in the resolutionauthorizing the issuance of such bonds or in the trust agreement securingthe same, shall be deemed to be of the same issue and shall be entitled topayment from the same fund without preference or priority of the bondsfirst issued. If the proceeds of the bonds of any issue shall exceed suchcost, surplus shall be deposited to the credit of the sinking fund for suchbonds.

      History:   L. 1968, ch. 227, § 3; L. 1970, ch. 113, § 2; L. 1974, ch. 125, § 2;July 1.