(a) Fund established. There is a Bond Premium Special Revenue Fund into which the net bond proceeds from the sale of general improvements bonds sold at a price above par value shall be deposited.
(b) Special fund. The Bond Premium Special Revenue Fund is a special, nonlapsing fund.
(c) Purposes. The revenues paid into the Bond Premium Special Revenue Fund shall be utilized to fund appropriations in the capital budget for a purpose or purposes permitted for the expenditure of bond proceeds under federal income tax law.
(Bill No. 27-10; Bill No. 81-16)