The proceeds from the sale of any bonds issued under authority of this article shall
be applied only for the purpose for which the bonds were issued: Provided, That any
accrued interest and premium received in any such sale shall be applied to the payment
of the principal of or the interest on the bonds sold: Provided, however, That if
for any reason any portion of such proceeds shall not be needed for the purpose for
which the bonds were issued, then such unneeded portion of said proceeds shall be
applied to the payment of the principal of or the interest on said bonds, or held
in reserve for the payment thereof. The cost of acquiring any airport shall be deemed to include the following: The
cost of acquiring any real estate or personal property deemed necessary, the actual
cost of the construction of any part of the airport and appurtenances and facilities
which may be constructed, including architects', engineers', financial or other consultants',
and legal fees; the purchase price of any part of the airport and appurtenances and
facilities that may be acquired by purchase; all expenses incurred in connection
with the authorization, sale and issuance of the bonds to finance such acquisition;
and the interest on such bonds for a reasonable time prior to construction, during
construction, and for a period not exceeding twelve months after completion of construction
and any other cost and expense necessary to the establishment and acquisition of such
airport and the financing thereof.
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