Section 2-6-31

Use of proceeds from sale of bonds.

All proceeds derived from the sale of any bonds of the corporation (other than refunding bonds) shall be deposited in the State Treasury and carried in a special account to the credit of the corporation and may be withdrawn solely for the purpose of completing and equipping the coliseum. Such withdrawal shall be upon requisition by or pursuant to authority of the corporation upon the State Comptroller and paid out by the warrant of the Comptroller upon the State Treasurer.

The cost of completing and equipping the coliseum shall be deemed to include the following:

(1) The cost of materials, supplies and labor in the construction of that part of the coliseum and the necessary facilities in connection therewith which may be constructed or completed by the corporation;

(2) The purchase price of equipment for the coliseum and the necessary facilities in connection therewith and the cost of installing such equipment;

(3) The cost of landscaping the said lands and constructing roads, walks, utilities and parking places thereon;

(4) The fees and expenses in connection with the authorization, sale and issuance of the bonds; and

(5) The interest on the bonds for a reasonable period prior to and during the period required for such construction and equipment. If any balance remains in the said account after completion of such construction and equipment and the payment of all of said costs and expenses, said balance shall be used for the retirement of bonds of the corporation, and thereafter no additional bonds shall be issued by the corporation except refunding bonds as authorized in this article.

(Acts 1951, No. 532, p. 934, §13.)