28-7695. Use of proceeds
A political subdivision shall use the proceeds from the sale of transportation project advancement notes for payment of any of the following:
1. Advances for a transportation project included in the state's transportation improvement program or a regional transportation plan, as defined in section 28-6351, under the transportation project advance agreement that relates to the transportation project advancement notes.
2. Legal and financial costs and expenses incurred in issuing and administering the notes.
3. Reimbursement to the political subdivision for monies previously advanced to the department, a regional planning agency, metropolitan planning organization or council of governments, a regional public transportation authority or a designated grant recipient under the transportation project advance agreement that relates to the transportation project advancement notes.
4. If authorized by the political subdivision, payment of interest that accrues on the notes before maturity.
5. Payment of the principal, premium or interest on other obligations of the political subdivision to the extent that proceeds of those obligations are applied to the financing of the transportation project that relates to the transportation project advance agreement.
Section: Previous 28-7685 28-7686 28-7687 28-7691 28-7692 28-7693 28-7694 28-7695 28-7696 28-7697 28-7701 28-7702 28-7703 28-7704 28-7704.01 NextLast modified: October 13, 2016