§ 18-12-127 — Deposit of proceeds of bonds

Bonds issued by the board shall be sold at the time and in the
amounts prescribed by the board but for not less than par. The
proceeds of the sale of the bonds, exclusive of any premiums
received, shall be deposited to the credit of the district in
the county treasury. The proceeds deposited shall be drawn out
as other district monies are drawn. The bond proceeds withdrawn
shall not be applied to any purposes other than those for which
the bonds were issued. Any premiums or accrued interest received
from the sale of the bonds shall be deposited in the interest
and sinking fund of the district. The expenses incurred for the
preparation, sale and delivery of the bonds, including legal
fees of independent bond counsel retained by the district are
legal charges against the fund of the district and may be paid
from the proceeds of the sale of the bonds.