Sec 5-833. Construction account

Latest version.

A. The authority shall maintain a construction account in the general fund consisting of:

1. Monies received by the authority from any source for the purpose of acquiring land for and funding the cost of constructing a multipurpose facility, including financial participation for capital costs of the facility from any private or public source.

2. Proceeds of bonds issued by the authority pursuant to section 5-863, which shall be held in a segregated bond proceeds subaccount in the construction account.

B. The authority may spend monies in the construction account for costs of any multipurpose facility purpose, as defined in section 5-861.

                    
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