Sec. 11.1. (a) Upon the defeasance of an issue of capital improvement board bonds, the board may use funds in its capital improvement bond fund for those defeased bonds for the purposes set forth in subsection (b) if the board:
(1) has sold all or part of a capital improvement to a county convention and recreation facilities authority and leased it back; or
(2) has leased all or part of a capital improvement to a county convention and recreation facilities authority and leased it back.
(b) The board may use the funds in the capital improvement fund for the defeased bonds for the following:
(1) As payment of lease rental or as a reserve for lease rental.
(2) As a deposit with the county convention and recreation facilities authority or a trustee for the authority's bond owners to be used for payment of those bonds or as a reserve for those bonds.
(3) For any purpose for which the board is authorized to expend or apply funds.
(4) For any combination of the purposes set forth in subdivisions (1), (2), and (3).
As added by P.L.82-1985, SEC.11.
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