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<br />1 EFFECTIVE INTEREST RATE AUTHORIZED. FOR ANY SECURITIES THE <br />2 ISSUANCE OF WHICH DOES NOT REQUIRE APPROVAL AT AN ELECTION <br />3 PURSUANT TO THIS ARTICLE, THE MAXIMUM NET EFFECTIVE INTEREST RATE <br />4 SHALL BE ESTABLISHED BY THE BOARD BEFORE THE SECURITIES ARE SOLD <br />5 AND ISSUED. <br />6 (2) No DISCOUNT, EXCEPT AS PROVIDED IN THIS ARTICLE, OR <br />7 COMMISSION SHALL BE ALLOWED OR PAID ON OR FOR ANY SECURITY SALE <br />8 TO ANY PURCHASER OR BIDDER, DIRECTLY OR INDIRECTLY; EXCEPT THAT <br />9 NOTHING CONTAINED IN THIS ARTICLE SHALL BE CONSTRUED AS <br />10 PROHIBITING THE BOARD FROM EMPLOYING LEGAL, FISCAL, ENGINEERING, <br />11 AND OTHER EXPERT SERVICES IN CONNECTION WITH ANY PROJECT OR <br />12 FACILITIES AUTHORIZED IN THIS ARTICLE, AND WITH THE AUTHORIZATION, <br />13 ISSUANCE, AND SALE OF SECURITIES. <br />14 37-49.605. Application of proceeds. (1) ALLMONEYSRECEIVED <br />15 FROM THE ISSUANCE OF SECURITIES AUTHORIZED IN THIS ARTICLE SHALL <br />16 BE USED SOLELY FOR THE PURPOSES FOR WHICH ISSUED AND THE COST OF <br />17 ANY PROJECT THEREBY DELINEATED. <br />18 (2LAc;.c~J!l'Q !NJE&E_ST.AND.l'REMIUM_SHALLBKAP-P-LlEDJOJHE <br />19 PAYMENT OF THE INTEREST ON OR THE PRINCIPAL OF THE SECURITIES, OR <br />20 BOTH INTEREST AND PRINCIPAL, OR SHALL BE DEPOSITED IN A RESERVE FOR <br />21 THE PAYMENT OF INTEREST AND PRINCIPAL, AS THE BOARD MAY <br />22 DETERMINE. <br />23 (3) ANY UNEXPENDED BALANCE OF SUCH SECURITY PROCEEDS <br />24 REMAINING AFTER THE COMPLETION OF THE ACQUISITION OR <br />25 IMPROVEMENT AND EQUIPMENT OF THE PROJECT OR THE COMPLETION OF <br />26 THE PURPOSES FOR WHICH SUCH SECURITIES WERE ISSUED SHALL BE PAID <br />27 IMMEDIATELY INTO THE FUND CREATED FOR THE PAYMENT OF THE <br /> <br />-40- <br /> <br />SB04-232 <br />