72-8216. Sale of building with bonds outstanding; disposition of proceeds of sale of school property.
72-8216
72-8216. Sale of building with bonds outstanding; disposition of proceedsof sale of school property.In the event that any unified school district shall sell or shall havesold or in any manner conveyed title to a school building to the UnitedStates government, to the state or any political subdivision thereof, orto any other purchaser, which building shall have been constructed fromthe proceeds of a bond issue which shall not have been fully retired atthe time of the sale of said building, the board of education of suchunified school district is hereby authorized to establish a bondretirement fund from the proceeds of such sale which fund shall beseparate and distinct from any other bond funds of such district, and topay the remaining principal and interest on such bonds as they becomedue and payable, and to make such other payments and transfers as arespecifically authorized by this act.
History: L. 1968, ch. 65, § 1; L. 1969, ch. 354, § 1; July 1.