Sec 35-406. Sale of bonds; use of proceeds

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A. The tax anticipation bonds shall be sold to the highest bidder who meets the conditions imposed by the loan commissioners, but shall not be sold at less than par.

B. When the issuance and sale of any bonds have been completed, the treasurer shall immediately call in and pay from the proceeds of the sale all state warrants registered and accumulated at such date, or otherwise the proceeds of the bonds shall be used solely for the purposes for which the taxes upon which the bonds are based were levied.

                    
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