15.2-5431.16 - Proceeds of bonds. - Virginia Statutes

§ 15.2-5431.16. Proceeds of bonds.

The proceeds of bonds issued pursuant to § 15.2-5431.14 shall be used solelyfor the payment of the cost of the project or projects for which they wereissued and shall be disbursed in such manner and under such restrictions, ifany, as the authority may provide in the authorizing resolution or in anytrust agreement. If the proceeds of the bonds, by error of estimates orotherwise, are less than such cost, additional bonds may in like manner beissued to provide the amount of such deficit and, unless otherwise providedin the authorizing resolution or in the trust agreement securing them, shallbe deemed to be of the same issue and entitled to payment from the same fundwithout preference or priority of the bonds first issued for the samepurpose. If the proceeds of the bonds of any issue exceed the amount requiredfor the purpose for which such bonds were issued, the surplus shall bedeposited to the credit of the sinking fund for such bonds.

(2003, c. 643.)