LD 1357
pg. 4
Page 3 of 4 PUBLIC Law Chapter 179 LD 1357 Title Page
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LR 2013
Item 1

 
(4)__All bonds issued under this section must be for
capital project costs only and may not be used to fund
the annual operating or program expenses of any agency,
facility, program or office.__The commissioners shall
deposit the proceeds of any bond issued under this
section to a capital project account for the project
concerned, established in accordance with section 921.__
Bond proceeds deposited to a capital project account
may only be used for purposes of financing or
completing the project concerned and for no other
purposes.__Any funds remaining in the capital project
account upon completion or termination of the project
concerned must be used by the commissioners to prepay
any debt incurred by the county for that project.__If
the terms of a particular bond issued under this
section prohibit prepayment of the bond, any funds
remaining in the capital project account upon
completion or termination of the project concerned may
be transferred to another capital project account or
used to retire other county debt.

 
Emergency clause. In view of the emergency cited in the preamble,
this Act takes effect when approved.


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