                                 CODE OF VIRGINIA

PROCEEDS OF BONDS (§ 15.2-5431.16)

The proceeds of bonds issued pursuant to § 15.2-5431.14 shall be used solely
for the payment of the cost of the project or projects for which they were
issued and shall be disbursed in such manner and under such restrictions, if
any, as the authority may provide in the authorizing resolution or in any trust
agreement. If the proceeds of the bonds, by error of estimates or otherwise, are
less than such cost, additional bonds may in like manner be issued to provide
the amount of such deficit and, unless otherwise provided in the authorizing
resolution or in the trust agreement securing them, shall be deemed to be of the
same issue and 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 exceed the amount required for the purpose for which such
bonds were issued, the surplus shall be deposited to the credit of the sinking
fund for such bonds.

HISTORY: 2003, c. 643.