§ 32-11-517 — Use of surplus proceeds

Any unexpended balance of the
proceeds of such securities remaining after the completion of the acquisition or
improvement of properties pertaining to the project or otherwise to the completion
of the purpose for which such securities were issued shall be credited immediately
to the fund or account created for the payment of the interest on or the principal of
the securities, or both principal and interest, and shall be used therefor, subject to
the provisions as to the times and methods for their payment as stated in the
securities and the proceedings authorizing or otherwise pertaining to their
issuance, or so paid into a reserve therefor, or any combination thereof, as the board
may determine.

Legislative History

Source: L. 69: p. 769, � 59. C.R.S. 1963: � 89-21-59.