6-25-10. Use of project revenue bond proceeds.
83 words·~1 min read·
/nm/chapter-6-public-finances/article-25-statewide-economic-development/6-25-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The proceeds from the sale of project revenue bonds issued pursuant to the Statewide Economic Development Finance Act shall be applied only for the purpose for which the bonds were issued and costs related to the project. The cost of any project shall include the following:
A. all expenses in connection with the authorization, sale and issuance of the bonds; and
B. capitalized interest on the bonds for a reasonable time.
History: Laws 2003, ch. 349, § 10; 2005, ch. 103, § 10.