5-833. Construction account
A. The authority shall maintain a construction account in the general fund consisting of:
1. Monies received by the authority from any source for the purpose of acquiring land for and funding the cost of constructing a multipurpose facility, including financial participation for capital costs of the facility from any private or public source.
2. Proceeds of bonds issued by the authority pursuant to section 5-863, which shall be held in a segregated bond proceeds subaccount in the construction account.
B. The authority may spend monies in the construction account for costs of any multipurpose facility purpose, as defined in section 5-861.Section: Previous 5-811 5-812 5-813 5-814 5-815 5-831 5-832 5-833 5-834 5-835 5-836 5-837 5-838 5-839 5-840 Next
Last modified: October 13, 2016