Sec 5-864. Bond proceeds subaccount

Latest version.

A. If the authority issues bonds under this article, the board shall establish a bond proceeds subaccount within the construction account established by section 5-833 consisting of monies received from the sale of the bonds.

B. The authority may use monies in the bond proceeds subaccount only for multipurpose facility purposes in the manner prescribed by this chapter.

C. The treasurer or fiscal agent of the authority shall administer and account for the bond proceeds subaccount.

                    
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