Sec. 22-71. Investment of proceeds.
Sec. 22-71. Investment of proceeds. The Treasurer may invest temporarily in direct obligations of the United States of America such portion of the proceeds of the sale
of regional marketing bonds as he deems to be available for such purpose. If the proceeds
of any bond issue exceed the purchase price or cost of construction of facilities for which
such bonds are issued, the surplus shall be expended in payment of principal of and
interest on bonds issued under this chapter when the same become due or in the purchase
at the market price of any outstanding bonds, provided such price shall not exceed the
price at which such bonds are in the same year redeemable. All bonds redeemed or
purchased shall forthwith be cancelled and shall not again be issued.
(1949, S. 1723d; September, 1957, P.A. 11, S. 45.)