The proceeds of the bonds shall be used solely for the payment of the cost of the project or combined projects and shall be disbursed upon requisition or order of the chairman of the authority or its duly bonded agents under such restrictions, if any, as the resolution authorizing the issuance of the bonds or the trust indenture 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 projects, 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, 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 bonds were issued, all surplus shall be paid into the sinking fund provided for the payment of principal and interest of such bonds or shall be used for construction of additional projects as the resolution creating such bonds and the trust indenture securing them may provide.
History. Ga. L. 1953, Jan.-Feb. Sess., p. 626, § 19; Ga. L. 1955, p. 124, § 20; Ga. L. 1961, p. 3, § 12; Ga. L. 1967, p. 385, § 19; Code 1933, § 95A-1219, enacted by Ga. L. 1973, p. 947, § 1.
Structure Georgia Code
Title 32 - Highways, Bridges, and Ferries
Chapter 10 - Public Authorities
Article 1 - Georgia Highway Authority
§ 32-10-30. Power of Authority to Issue Bonds Generally; Attributes of Bonds Generally
§ 32-10-32. Form and Issuance of Bonds
§ 32-10-33. Signing Bonds; Affixing Authority’s Seal to Bonds
§ 32-10-34. Bonds as Negotiable Instruments; Tax Exemption
§ 32-10-36. Issuance of Interim Receipts, Interim Certificates, and Temporary Bonds
§ 32-10-37. Replacement of Lost or Mutilated Bonds
§ 32-10-38. Resolutions for Bond Issuance; Issuance of Bonds of a Single Issue
§ 32-10-39. Effect of Bond Issuance on State Debt; Recitals on Face of Bonds Regarding Such Effect
§ 32-10-40. Trust Indentures as Security for Bonds
§ 32-10-41. Payment of Bond Proceeds to Trustee
§ 32-10-42. Pledges of Revenues, Rents, and Earnings; Creation and Disposition of Sinking Funds
§ 32-10-45. Investment of Funds in Bonds; Deposit of Bonds as Securities
§ 32-10-46. Protection of Interests and Rights of Bondholders
§ 32-10-47. Confirmation and Validation of Bonds
§ 32-10-48. Adjudication Regarding Lease Contracts and Rental Income
§ 32-10-49. Covenant With Holders of Bonds as to Tax-Exempt Status of Authority Property and Bonds