Section 9-14B-12

Disposition of proceeds of bonds. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.

(a) The authority may apply the proceeds of the bonds for all of the following: (1) To pay for project costs; (2) to fund any reserve fund established in connection with an authorized issue if the authority deems the establishment of the reserve fund to be necessary and desirable; (3) to pay for the cost of obtaining credit enhancement for the bonds; (4) to pay the costs of issuing the bonds, (5) to pay capitalized interest on the bonds, and (6) if refunding bonds are issued pursuant to the provisions of this chapter, to pay debt service on and the redemption price of any bonds to be refunded. Anything to the contrary notwithstanding, all expenditures of bond proceeds by the authority pursuant to this chapter shall be subject to the study, review, concurrence, and approval of the Joint Legislative Committee on State Parks established by Section 9-14A-21.

(b) The proceeds derived from the sale of the bonds shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority. The proceeds from the sale of the bonds remaining after payment of the expenses of issuance thereof shall be retained in the fund and, until they are paid out, shall be invested by the State Treasurer at the direction of the authority, in investments that constitute permitted investments. Monies in the fund, whether original proceeds from the sale of the bonds or principal proceeds of matured investments, shall be paid out from time to time in orders or warrants issued by or on the direction of the authority for any one or more of the purposes specified in this chapter.

(c) Any and all revenues, receipts, investment earnings, and other funds paid to, or otherwise coming into the possession of, the authority shall be held, deposited, administered, invested, and applied as provided in the resolution of the directors authorizing the issuance of the bonds and as provided in any trust indenture or other agreement delivered in connection therewith, or otherwise as the authority may direct, consistent with the resolution, trust indenture, or other agreement and this chapter.

(Act 2001-972, 2001 3rd Sp. Sess., p. 884, §12.)