§ 10-3-109. EXCESS FUNDS.

(a)

Payment of principal. If the funds derived from the sale of any bonds or notes issued in anticipation of bonds are more than the amount needed to finance the cost of the projects as estimated in the ordinance of the County Council, the excess funds borrowed shall be applied:

(1)

In payment of the first principal maturity of the obligations issued; or

(2)

If authorized by the Council's ordinance, to the redemption of any part of the obligations.

(b)

Limitation. Excess funds may not be used for any other county function except in accordance with the provisions of § 711 of the Charter.

(1988 Code, § 15-131) (Bill No. 87, 1990, § 2, 8-13-1990; Bill No. 83-00, § 2, 7-1-2004; Bill No. 72-03, § 14, 7-1-2004)