§ 28-7695 — Use of proceeds

A political subdivision shall use the proceeds from the sale of transportation project advancement notes for payment of any of the following:

1. Advances for a transportation project included in the state's transportation improvement program or a plan, as defined in section 28-6351, under the transportation project advance agreement that relates to the transportation project advancement notes.

2. Legal and financial costs and expenses incurred in issuing and administering the notes.

3. Reimbursement to the political subdivision for monies previously advanced to the department, a regional planning agency, metropolitan planning organization or council of governments, a regional public transportation authority or a designated grant recipient under the transportation project advance agreement that relates to the transportation project advancement notes.

4. If authorized by the political subdivision, payment of interest that accrues on the notes before maturity.

5. Payment of the principal, premium or interest on other obligations of the political subdivision to the extent that proceeds of those obligations are applied to the financing of the transportation project that relates to the transportation project advance agreement.