All such funding bonds may be exchanged, dollar for dollar, in satisfaction of the indebtedness to be funded, or they may be sold at not less than their par value, as directed by the governing body, and the proceeds thereof shall be applied only to the purpose for which such funding bonds were issued.
Source: L. 75: Entire title R&RE, p. 1135, § 1, effective July 1.
Editor's note: This section is similar to former § 31-21-105 as it existed prior to 1975.