§553. Lapse of unused General Fund bond issues
53 words·~1 min read·
/me/title-3-legislature/chapter-25-state-debt/553·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All General Fund bond issues passed by the Legislature for presentation to the voters shall contain language which stipulates that bond proceeds which have not been expended 10 years after the date of the sale of the bonds shall lapse to General Fund debt service. [PL 1983, c. 176, Pt. A, §2 (NEW).]