Code of Virginia - Title 33.1 Highways, Bridges And Ferries - Section 33.1-281 Use of proceeds of sale of bonds

§ 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  Next

Last modified: April 3, 2009