SEC. 59-7-511. Disposition of proceeds of bonds.
The proceeds of the revenue bonds shall be paid into a special fund designated as the "special project port improvement fund" in a bank or banks qualified as depositories for the county issuing bonds under the provisions of this article, and such proceeds shall be used solely for the purposes for which such bonds were issued, except as hereinafter provided, and shall be disbursed upon order of the board of supervisors of such county with such restrictions, if any, as the resolution authorizing the issuance of the bonds may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the project for which such bonds were issued, and the redeeming of any outstanding bonds, unless otherwise provided in the resolution authorizing the issuance of such bonds, additional bonds may in like manner be issued to provide the amount of such deficit which, unless otherwise provided in the resolution authorizing the issuance of such bonds, shall be deemed to be of the same issue and shall be entitled to payment from the same funds without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the project for which the bonds were issued, such surplus shall be paid into the fund established for the payment of the principal of and interest on such bonds.
SOURCES: Codes, 1942, Sec. 7576-56; Laws, 1970, ch. 407, Sec. 6, eff from and after passage (approved April 1, 1970).