1999 Florida Code
TITLE XI COUNTY ORGANIZATION AND INTERGOVERNMENTAL RELATIONS
Chapter 159 Bond Financing
PART VII TAXABLE BONDS (ss. 159.821-159.8291)
159.828 Use of proceeds of bonds.
159.828 Use of proceeds of bonds.--The proceeds of an issue of taxable bonds and the investment earnings thereon shall be used, in the manner, and to the extent specified in the ordinance or resolution providing for the issuance of the bonds, by the governmental unit issuing the bonds for a purpose specified for the issuance of bonds in the statutes under authority of which the bonds are issued. Notwithstanding the preceding sentence, invested or reinvested proceeds of an issue of taxable bonds shall be deemed to have been expended for a purpose specified for the issuance of bonds in the statutes under authority of which the bonds are issued if the earnings thereon and proceeds of liquidation of the investments acquired with such proceeds, to the extent received by the governmental unit and not applied to pay debt service on the bonds, are applied toward such purpose.
History.--s. 1, ch. 87-237.
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