                                 CODE OF VIRGINIA

USE OF PROCEEDS OF SALE OF BONDS (§ 33.2-1714)

The proceeds of such bonds shall be used solely for the payment of the cost of
the project for which they are issued and shall be disbursed by the Board under
such restrictions, if any, as the Board may provide. If the proceeds of the
bonds of any issue, by error of estimates or otherwise, shall be less than the
cost of the project on account of which such bonds are issued, additional bonds
may in like manner be issued to provide the amount of such deficit and unless
otherwise provided in the resolution authorizing the issuance of the bonds or in
the trust indenture pursuant to § 33.2-1717 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 project. If the proceeds of
bonds issued for any project exceeds the cost thereof, the surplus shall be paid
into the fund provided in this chapter for the payment of principal and interest
of such bonds.

HISTORY: Code 1950, § 33-241; 1970, c. 322, § 33.1-281; 2014, c. 805.