§ 63B-1-310. Proceeds from sale of obligations -- Use.

Latest version.

(1)	The proceeds from the sale of obligations issued under this part may be applied only for the purposes for which the obligations were issued.

(2)	Any accrued interest and premium received upon the sale, and any portion of the proceeds that may not be needed for the purposes for which the obligations were issued, shall be applied to the payment of the principal of, or the interest on, the obligations.

Renumbered and Amended by Chapter 86, 2003 General Session

                    
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