RS 1804 - Borrowing by public body; use of funds
A public entity may borrow money pursuant to this Chapter, such indebtedness to be represented by a grant anticipation note or notes issued to the lender pursuant to this Chapter. The money borrowed may be used and expended by the public entity solely for the purpose for which the grant or loan is to be received or for the retirement of the notes, except that income from the investment of such proceeds may be used to pay costs associated with the facility or improvements being financed from such grant or loan, including costs of issuance of the notes.
NOTE: §1804 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 1804 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1980, No. 257, §1, eff. July 12, 1980; Acts 2018, No. 569, §2, eff. July 1, 2021.