W.__For the performance by the authority of any acts and things necessary or convenient or desirable in order to secure its bonds or in the absolute discretion of the authority as will tend to make the bonds more marketable notwithstanding that those acts or things may not be enumerated in this chapter.

§1995.__Application of proceeds of bonds or bond anticipation

notes

1.__Application. All money received from any bonds or bond anticipation notes issued pursuant to this chapter must be applied solely:

A.__To the payment of the cost of the construction and reconstruction of the East-West Highway or to the payment to the department of the cost of department projects;

B.__To the repayment of grants or loans from the Federal Government that were used to construct or reconstruct the East-West Highway or portions of it or interconnecting access roads or portions of them but only to the extent that repayment is required in order for the authority to maintain or establish tolls on the East-West Highway;

C.__To the payment of the costs of constructing or reconstructing interchanges that are determined by the department and the authority to have a sufficient relationship to the public's use of the East-West Highway and the orderly regulation and flow of traffic on the East- West Highway in accordance with the requirements of section 1999-A, subsection 3;

D.__To the payment of the costs of issuance of the bonds;

E.__To the creation of reasonable reserves for the payment of the principal of and interest on those bonds and to meet the cost of extraordinary repairs to or maintenance of the East-West Highway;

F.__To an appurtenant fund; and

G.__To the payment of any temporary notes of the authority, the proceeds of which were used for any of the foregoing purposes.