57-220. APPLICATION OF PROCEEDS. The proceeds of any such bonds shall not be applied to, or used for, any purpose or purposes, other than that for which such bonds are issued, and such proceeds shall, until properly disbursed, be kept in a fund separate and apart from all proceeds of other bond issues and other funds of the issuing corporation; provided, however, that when, in the judgment of the governing board of the issuing corporation, the proceeds of any bond issue should be temporarily invested pending application of such proceeds to the purposes for which the bonds were issued, the governing board of the issuing corporation may invest the proceeds of such issue or any part thereof in registered securities of the United States. Any unexpended balance remaining after the accomplishment of such purpose or purposes shall be used and applied only to and for the payment and redemption of such bonds and the payment of interest thereon, pro tanto.
History:
[(57-220) 1927, ch. 262, sec. 7, p. 546; I.C.A., sec. 55-220; am. 1949, ch. 210, sec. 1, p. 444.]
Structure Idaho Code
Title 57 - PUBLIC FUNDS IN GENERAL
Chapter 2 - MUNICIPAL BOND LAW
Section 57-201 - TITLE OF ACT.
Section 57-202 - APPLICATION OF ACT — DEFINITIONS.
Section 57-203 - AUTHORIZATION OF BONDS.
Section 57-204 - BONDS — FORM AND RECITALS.
Section 57-205 - BONDS — EXECUTION AND SIGNING.
Section 57-206 - BONDS — INTEREST COUPONS — FORM AND RECITALS.
Section 57-207 - BONDS — DENOMINATION.
Section 57-208 - BONDS — INTEREST RATE.
Section 57-209 - BONDS AND INTEREST COUPONS — WHERE PAYABLE.
Section 57-210 - BONDS — MAXIMUM TERM.
Section 57-211 - BONDS — AMORTIZED MATURITIES.
Section 57-212 - BONDS FOR EACH PURPOSE A DISTINCT SERIES.
Section 57-213 - BONDS — REGISTRATION.
Section 57-214 - SALE OF BONDS — PROCEDURE — MINIMUM PRICE.
Section 57-215 - SALE OF BONDS — NOTICE AND REQUEST FOR BIDS — PUBLICATION.
Section 57-219 - REGISTRATION OF BONDS — LIABILITY OF TREASURER.
Section 57-220 - APPLICATION OF PROCEEDS.
Section 57-222 - TAX LEVIES AND SINKING FUND.
Section 57-223 - SEPARABILITY.
Section 57-225 - BONDS ISSUED UNDER FORMER LAWS.
Section 57-226 - EFFECTIVE DATE OF ACT.
Section 57-228 - BONDS — AMORTIZED MATURITIES.
Section 57-229 - “ISSUER” DEFINED.
Section 57-230 - POWERS OF ISSUER.
Section 57-232 - SALE OF BONDS — DEFINITION OF PRIVATE SALE.
Section 57-233 - SALE OF BONDS — ELECTRONIC BIDDING.
Section 57-234 - CREATION AND PERFECTION OF GOVERNMENT SECURITY INTERESTS.