The proceeds of the sale of state school facilities bonds must be received by the State Treasurer and applied by the State Treasurer to the purposes for which issued, except that the accrued interest, if any, must be used to discharge in part the first interest to become due on the bonds, but the purchasers of the bonds are not liable for the proper application of the proceeds to the purposes for which they are intended.
HISTORY: 1999 Act No. 28, Section 1; 2004 Act No. 184, Section 8, eff March 15, 2004.
Effect of Amendment
The 2004 amendment substituted "the State Treasurer" for "him" following " applied by", deleted "and the premium, if any, shall be used to discharge the payment of the first installment of principal to become due on such bonds," preceding ", but the purchasers" and substituted "must" for "shall" throughout.