Sec 5-1165. Bond proceeds account

Latest version.

A. If the authority issues bonds under this article, the authority board shall establish a bond proceeds account within the general fund consisting of monies received from the sale of the bonds.

B. The authority board may use monies in the bond proceeds account only for sports authority purposes in the manner prescribed by this chapter.

C. The authority's fiscal agent shall administer and account for the bond proceeds account.

(Conditionally Rpld.)

                    
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