As Amended
SEC. 37-101-409. Disposition of proceeds frpm sale of bonds.
The State Bond Commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 37-101-401 through 37-101-431 from the proceeds derived from the sale of such bonds. The balance of the proceeds shall be deposited in a special revolving fund in the state treasury to be known as "Institutions of Higher Learning Equipment Fund." The proceeds shall be used solely for the payment of the cost of administering the Equipment Purchase Program of the Board of Trustees of the Institutions of Higher Learning and shall be disbursed by warrant upon requisition of the Board of Trustees of the Institutions of Higher Learning signed by the Commissioner of Higher Education; provided, however, no proceeds from the bonds issued under Sections 37-101-401 through 37-101-431 shall be expended on a lease or lease/purchase contract to secure instructional and other equipment.
SOURCES: Laws, 1989, ch. 498, Sec. 5, eff from and after passage (approved April 4, 1989).