2006 Code of Virginia § 33.1-281 - Use of proceeds of sale of bonds

33.1-281. Use of proceeds of sale of bonds.

The proceeds of such bonds shall be used solely for the payment of the costof the project or projects for which they are issued and shall be disbursedby the Board under such restrictions, if any, as the Board may provide. Ifthe proceeds of the bonds of any issue, by error of estimates or otherwise,shall be less than the cost of the project or projects on account of whichsuch bonds are issued, additional bonds may in like manner be issued toprovide the amount of such deficit and unless otherwise provided in theresolution authorizing the issuance of the bonds or in the trust indenturehereinafter mentioned shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same project or projects. If the proceeds of bondsissued for any project or projects shall exceed the cost thereof, the surplusshall be paid into the fund hereinafter provided for the payment of principaland interest of such bonds.

(Code 1950, 33-241; 1970, c. 322.)