§47-5 Use of proceeds.
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/hi/chapter-47/47-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§47-5 Use of proceeds. The proceeds of the bonds issued under this chapter shall be exclusively devoted to the purposes for which the same are issued; provided, however, that:
(1)By an affirmative vote of two-thirds of all of the members of the governing body, that part of the proceeds which is determined to be in excess of the amounts required for the purposes for which the bonds were initially issued, or which may not be applied to those purposes, or which the governing body deems should not be applied to those purposes, may be applied to those other public improvements or authorized purposes of the county as the governing body may determine, or may be applied to the redemption or retirement of bonds of the county issued pursuant to this chapter;
(2)A determination by the governing body that the proceeds of a particular series or issue of bonds should not be applied to a particular purpose shall not prohibit the application of the proceeds of a subsequent series or issue of bonds to such purpose; and
(3)The actual use and application of the proceeds of bonds issued pursuant to this chapter shall not in any way affect the validity or legality of those bonds. [L 1989, c 80, pt of §2; am L 1993, c 6, §5]