§ 15-1-707 — Use of bond proceeds for certain purposes; actual project costs

(a) The proceeds from the sale of any bonds issued under
this article shall be applied only for the purpose for which the
bonds were issued. Any accrued interest and premiums received on
the sale shall be applied to the payment of the principal or the
interest on the bonds sold. If any portion of the proceeds is
not needed for the purpose for which the bonds were issued, then
the unneeded portion shall be applied to the payment of the
principal or the interest on the bonds. The cost of acquiring or
improving any project shall include the actual cost of:
(i) Acquiring or improving the real estate;
(ii) Construction of all or any part of the project,
including architects' and engineers' fees;
(iii) All expenses in connection with the
authorization, sale and issuance of the bonds to finance the
acquisition or improvement; and
(iv) Interest on the bonds for a reasonable time
prior to construction, during construction and for not more than
six (6) months after completion of construction.