28B.59C.040 - Disposition of proceeds from sale of bonds and notes. - Washington Statutes

Disposition of proceeds from sale of bonds and notes.

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 or the college board may direct the state treasurer to deposit therein, shall be deposited in the 1975 community college capital construction account in the state general fund: PROVIDED, That such portion of the proceeds of the sale of the bonds as may be required for the payment of the principal of and interest on any outstanding bond anticipation notes, together with accrued interest and premium, if any, on the bonds received from the purchasers upon their delivery, shall be deposited in the 1975 community college capital construction bond retirement fund.

[1979 ex.s. c 226 § 4.]

Notes: Effective date -- Severability -- 1979 ex.s. c 226: See notes following RCW 28B.59C.010.