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 bonds, 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 are issued, all surplus shall be paid into the sinking fund provided for the payment of principal and interest of such bonds.
History. Ga. L. 1953, Jan.-Feb. Sess., p. 302, § 17; Code 1933, § 95A-1254, enacted by Ga. L. 1973, p. 947, § 1.
Structure Georgia Code
Title 32 - Highways, Bridges, and Ferries
Chapter 10 - Public Authorities
Article 2 - State Road and Tollway Authority
§ 32-10-90. Form and Issuance of Bonds; Pledging of Tolls and Other Project Revenues
§ 32-10-90.1. Garvee Bond Provisions
§ 32-10-91. Obtaining of Loans and Issuance and Sale of Notes and Bonds; Sale of Obligations
§ 32-10-92. Bonds Authorized by Resolution; Specification of Terms; Public or Private Sale
§ 32-10-93. Execution, Seal, and Signing of Bonds
§ 32-10-94. Bonds as Negotiable Instruments; Tax Exemption
§ 32-10-96. Issuance of Interim Receipts, Interim Certificates, and Temporary Bonds
§ 32-10-97. Replacement of Lost or Mutilated Bonds
§ 32-10-98. Resolutions for Bond Issuance; Issuance of Bonds of a Single Issue
§ 32-10-99. Credit of State Not Pledged
§ 32-10-100. Trust Indenture as Security for Bonds
§ 32-10-101. Payment of Bond Proceeds to Trustee
§ 32-10-102. Pledges of Revenues, Tolls, and Earnings; Creation and Disposition of Sinking Funds
§ 32-10-103. Rights and Remedies of Holders of Bonds or Interest Coupons and of Indenture Trustees
§ 32-10-105. Investment of Funds in Bonds; Deposit of Bonds as Securities
§ 32-10-106. Protection of Interests and Rights of Bondholders
§ 32-10-107. Confirmation and Validation of Bonds
§ 32-10-108. Transfer of Projects to State Highway System Free From Tolls
§ 32-10-109. Covenant With Holders as to Tax-Exempt Status of Authority Property and Bonds