28B.14E.040 - Disposition of proceeds from sale of bonds and notes -- Use. - Washington Statutes

Disposition of proceeds from sale of bonds and notes — Use.

Except for that portion of the proceeds required to pay bond anticipation notes under RCW 28B.14E.020, the proceeds from the sale of the bonds and/or bond anticipation notes authorized in this chapter, together with all grants, donations, transferred funds, and all other moneys which the state finance committee may direct the state treasurer to deposit therein, shall be deposited in the state higher education construction account of the general fund in the state treasury. All such proceeds shall be used exclusively for the purposes specified in this chapter and for the payment of the expenses incurred in connection with the sale and issuance of the bonds and bond anticipation notes.

[1979 ex.s. c 223 § 4.]