The proceeds derived from the bonds to be so sold shall be paid to the treasurer of the district and shall be set aside from and not commingled with any other funds of the district, shall be designated tributary compliance funds, and shall be used solely for the purpose of enabling the board of directors of that district to comply with the obligations imposed on and assumed by it in the contracts and agreements made with the United States of America or any other federal agency relating to the construction and perpetual operation and maintenance of the flood control works provided for in the adopted and authorized project.
Ark. Code Ann. § 14-120-244
Disposition and use of proceeds from bonds
Acts 1937, No. 67, § 15, as added by Acts 1949, No. 249, § 8; A.S.A. 1947, § 21-809.8.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.