§ 62-878 — Use of bond proceeds.

A. Any municipality or county which has established a rural housing incentive district may use the proceeds of special obligation bonds issued under Section 8 of this act, or any uncommitted funds derived from those sources of revenue set forth in subsection A of Section 8 of this act, to implement specific projects identified within the rural housing incentive district project plan including, without limitation: 1. Acquisition of property within the specific project area or areas as provided in Section 7 of this act; 2. Payment of relocation assistance; 3. Site preparation; 4. Sanitary and storm sewers and lift stations; 5. Drainage conduits, channels and levees; 6. Street grading, paving, graveling, macadamizing, curbing, guttering and surfacing; 7. Street lighting fixtures, connection and facilities; 8. Underground gas, water, heat, and electrical services and connections located within the public right-of-way; 9. Sidewalks; and 10. Water mains and extensions. B. None of the proceeds from the sale of special obligation bonds issued under Section 8 of this act shall be used for the construction of buildings or other structures to be owned by or to be leased to any developer of a residential housing project within the district.

Legislative History

Added by Laws 1999, c. 140, § 9, eff. Nov. 1, 1999.