Section 15-4-3008 - Purpose of bonds

(a) Bonds shall be issued for the purpose of financing superprojects.(b) The proceeds of the bonds shall be applied:(1) To the payment of project costs and the costs and expenses of issuance of the bonds;(2) In connection with a superproject refinancing, to the repayment of indebtedness incurred to pay project costs; or(3) For refunding of bonds as provided in this subchapter.Acts 2003, No. 1751, § 8.