Section 11-81-112

Section 11-81-112Disposition of proceeds from sale.

The proceeds from the sale of bonds authorized to be issued by this division shall be applied only to the payment of the cost of the improvement or improvements designated in the ordinance providing for their issue, but should there be any surplus from any bond issue over and above such cost it shall be applied to the payment of the principal of the bonds.

(Acts 1927, No. 478, p. 534; Code 1940, T. 37, §300.)