TITLE 12 CONSERVATION AND NATURAL RESOURCES

Section 3. Parks, Historic Areas, Memorials, and Recreation, 12-3-1 through 12-3-708.

ARTICLE 7 PUBLIC AUTHORITIES

12-3-257. Revenue bonds - Use and manner of disbursement of proceeds; procedure where proceeds are less than or greater than cost of projects.

The proceeds of such bonds shall be used solely for the payment of the cost of the project or combined project and shall be disbursed upon requisition or order of the chairman of the authority under such restrictions, if any, as the resolution authorizing the issuance of the bonds or the trust indenture mentioned in Code Section 12-3-262 may provide. If the proceeds of such bonds, by error of calculation or otherwise, shall be less than the cost of the project or combined project, then unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust indenture, additional bonds may in like manner be issued to provide the amount of such deficit, which bonds, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust indenture, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which such are issued, the surplus shall be paid into the fund provided for in Code Section 12-3-264 for the payment of principal and interest of such bonds.

(Ga. L. 1960, p. 89, § 1.)