NOTE: §577 eff. until July 1, 2021. See Acts 2018, No. 569.
§577. Application of proceeds
The proceeds of the sale of bonds issued under the provisions of this Subpart shall constitute a trust fund to be used exclusively for the purpose or purposes for which the bonds are authorized to be issued, but the purchaser of the bonds shall not be obliged to see to the application thereof. In the event that all or part of the proceeds of the sale of such bonds are no longer needed for the purpose for which the bonds were authorized to be issued, the governing authority of the subdivision which has issued such bonds may use the proceeds of the sale of such bonds for a purpose different from that for which the bonds were originally issued, provided that such new purpose is one for which the bonds could have been issued in the original instance and provided further that such proposed action shall have been approved by a majority in number and amount of the qualified property taxpayers voting at an election held in the manner provided by the provisions of this Chapter for authorizing bonds. In the event any governing authority has, prior to May 1, 1950, taken action substantially like that herein provided in order to obtain authorization to use the proceeds of the sale of bonds for a purpose different from that for which the bonds were originally issued, such action is hereby approved, validated and ratified.
NOTE: §577 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§577. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Amended by Acts 1950, No. 502, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.
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