§ 33.1-281. Use of proceeds of sale of bonds
The proceeds of such bonds shall be used solely for the payment of the cost of the project or projects for which they are issued and shall be disbursed by the Board under such restrictions, if any, as the Board may provide. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than the cost of the project or projects on account of which such bonds are issued, 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 the bonds or in the trust indenture hereinafter mentioned 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 for the same project or projects. If the proceeds of bonds issued for any project or projects shall exceed the cost thereof, the surplus shall be paid into the fund hereinafter provided for the payment of principal and interest of such bonds.
(Code 1950, § 33-241; 1970, c. 322.)
Sections: Previous 33.1-275 33.1-276 33.1-277 33.1-278 33.1-279 33.1-279.1 33.1-280 33.1-281 33.1-282 33.1-283 33.1-284 33.1-285 33.1-285.1 33.1-286 33.1-287 NextLast modified: April 3, 2009