HARRY HUGHES, Governor

2055

ANY BANK OR TRUST COMPANY, AND ANY OTHER HATTER RELATING TO
THE FORM, TERMS, CONDITIONS, ISSUANCE, SALE, AND DELIVERY OF
THE BONDS. IN CASE ANY OFFICER WHOSE SIGNATURE SHALL APPEAR
ON ANY BONDS OR COUPONS SHALL CEASE TO BE SUCH OFFICER
BEFORE THE DELIVERY OF SUCH BONDS OR SHALL BECOME SUCH AFTER
THE DATE OF ISSUE THEREOF, SUCH SIGNATURE SHALL NEVERTHELESS
BE VALID AND SUFFICIENT FOR ALL PURPOSES THE SAME AS IF HE
HAD REMAINED IN OFFICE UNTIL SUCH DELIVERY OR HAD HELD SAID
OFFICE ON SAID DATE OF ISSUE. THE BONDS MAY BE ISSUED IN
COUPON OR IN REGISTERED FORM, OR BOTH, AS THE BOARD MAY
DETERMINE, AND PROVISION MAY BE MADE FOR THE REGISTRATION OF
ANY COUPON BONDS AS TO PRINCIPAL ALONE, OR AS TO BOTH
PRINCIPAL AND INTEREST, AND FOR THE RECONVERSION INTO COUPON
BONDS OF ANY BONDS REGISTERED AS TO BOTH PRINCIPAL AND
INTEREST. THE COUNTY MAY SELL SUCH BONDS IN SUCH MANNER,
EITHER AT PUBLIC OR PRIVATE SALE, AND FOR SUCH PRICE, AS THE
BOARD MAY DETERMINE TO BE IN THE BEST INTEREST OF THE
COUNTY. AT ANY TIME PRIOR TO THE ISSUANCE OF ANY SUCH BONDS
THE BOARD MAY, IN ADDITION TO ANY SUMS APPROPRIATED UNDER
ANY OTHER PROVISION OF LAW, ADVANCE SUCH SUMS AS MAY BE
NECESSARY TO COVER THE EXPENSE OF ISSUANCE OF SUCH BONDS,
WHICH SHALL BE TREATED AND REPAID AS PART OF THE COSTS OF
THE PROJECT OR PROJECTS FINANCED WITH THE PROCEEDS OF ANY
SUCH BONDS.

(C)    THE RESOLUTION AUTHORIZING ANY BONDS ISSUED
PURSUANT TO THIS CHAPTER TO FINANCE A DRAINAGE SYSTEM ALSO
SHALL IDENTIFY THE DRAINAGE AREA ESTABLISHED PURSUANT TO
SECTION 10A-8 IN WHICH ANY DRAINAGE SYSTEM IS TO BE BUILT
AND STATE THE AMOUNT BEING BORROWED FOR THE DRAINAGE AREA.

(D)    THE PROCEEDS OF SUCH BONDS SHALL BE USED SOLELY
FOR THE PAYMENT OF THE COST OF THE PROJECT OR PROJECTS ON
ACCOUNT OF WHICH SUCH BONDS ARE ISSUED AND THE COST OF
ISSUANCE OF SUCH BONDS AND SHALL BE DISBURSED IN SUCH MANNER
AND UNDER SUCH RESTRICTIONS, IF ANY, AS THE BOARD MAY
PROVIDE IN THE AUTHORIZING RESOLUTION. IF THE PROCEEDS OF
SUCH BONDS, BY ERROR OF ESTIMATES OR OTHERWISE, SHALL BE
LESS THAN SUCH COST, ADDITIONAL BONDS MAY IN LIKE MANNER BE
ISSUED TO PROVIDE THE AMOUNT OF SUCH DEFICIT, AND, UNLESS
OTHERWISE PROVIDED IN THE AUTHORIZING RESOLUTION, 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 SHALL HAVE
BEEN ISSUED, THE BOARD MAY, BY APPROPRIATE RESOLUTION, APPLY
ALL OR A PART OF SUCH SURPLUS TO PAYMENT OF ALL OR A PART OF
THE COST OF AN ADDITIONAL PROJECT OR PROJECTS. ANY OF SUCH
SURPLUS NOT SO APPLIED SHALL BE USED FOR THE RETIREMENT OF
BONDS OF SUCH ISSUE.

(F) IN EVERY CASE WHERE THE PROCEEDS OF ANY SUCH
ISSUE OF BONDS SHALL BE EXPENDED FOR THE COST OF ONE OR MORE
PROJECTS, THE BOARD SHALL CAUSE SEPARATE CAPITAL ACCOUNTS TO
BE CREATED FOR EACH SUCH PROJECT, AMONG WHICH SAID BOND
PROCEEDS SHALL BE DIVIDED AND FROM WHICH THE SEPARATE COSTS