The proceeds from the sale of any bonds issued under authority of the Border Development Act shall be applied only for the purpose for which the bonds were issued; provided, however, that any accrued interest and premiums received in any such sale shall be applied to the payment of the principal of or the interest on the bonds sold; and provided, further, that if for any reason any portion of such proceeds are not needed for the purpose for which the bonds were issued, then the balance of the proceeds shall be applied to the payment of the principal of or the interest on the bonds; and provided, further, that any portion of the proceeds from the sale of the bonds or any accrued interest and premium received in any such sale may, in the event the money will not be needed or cannot be effectively used to the advantage of the authority for the purposes provided herein, be invested in short-term, interest-bearing securities if such investment will not interfere with the use of the funds for the primary purpose of the project. The cost of acquiring any project shall be deemed to include the following:
A. the actual cost of construction of any part of a project, including architects', attorneys' and engineers' fees;
B. the purchase price of any part of a project that may be acquired by purchase;
C. the actual cost of the extension of any utility to the project site and all expenses in connection with the authorization, sale and issuance of the bonds to finance such acquisition; and
D. the interest on those bonds for a reasonable time prior to construction, during construction and not exceeding six months after completion of construction.
History: Laws 1991, ch. 131, § 20; 1995, ch. 192, § 16.
ANNOTATIONSThe 1995 amendment, effective June 16, 1995, substituted "are not" for "shall not be" following "such proceeds" in the introductory pargraph, and deleted "that may be constructed" following "project" in Subsection A.