7-7-2112. Investment of certain construction bond proceeds.
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/mt/title-7/chapter-7/part-21/7-7-2112A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-7-2112 . Investment of certain construction bond proceeds.
(1)Public funds realized from the sale of bonds by a county for the purpose of constructing public buildings or for other construction may be invested in any time or savings deposits, United States certificates of indebtedness, United States treasury notes, or United States treasury bonds having a maturity date of 1 year or less, when emergency conditions beyond the control of the county commissioners exist which preclude the construction of the projects for which the bonds were issued at the time such investments are made.
(2)Interest earned from such investments, including interest on the sale of bonds accrued in the period between the date of issue and the time of purchase, shall be credited to the sinking fund of the county, notwithstanding the provisions of 7-6-204 (1).
(3)No provision of this section may be construed to prevent the investment of county or county high school money under the state unified investment program established in Title 17, chapter 6, part 2.