Proceeds of sale of bonds

Sec. 11. The proceeds of sale of any bonds for a project shall be applied solely to: (1) the building of the project; and (2) the payment of principal and interest of the bonds if a surplus should exist after completion and full payment for the erection and construction of the project. [Pre-2007 Higher Education Recodification Citation: 20-12-53-1(c).] As added by P.L.2-2007, SEC.276.