Title 37
Public Property and Works

Chapter 7
Management and Disposal of Property

§ 37-7-5.1. Lease or sale of property to refunding bond authority — Proceeds — Restricted receipt account.

Whenever the state leases, sells, or conveys property, real, personal, or mixed to the refunding bond authority under the provisions of chapter 14 of this title, in connection with a project authorized under the provisions of chapter 14 of this title, all money received by the state from the lease, sale, or conveyance, shall, if requested in writing by the director of administration, be deposited by the state controller to a restricted receipt account. The money and interest or income earned from their investment shall be administered and used solely to meet the state’s obligation to the refunding bond authority in connection with the project. However, this section shall not prohibit or limit the state from appropriating such additional funds as may be necessary to carry out the lease arrangement with the refunding bond authority. Upon the termination of the state’s lease arrangement with the refunding bond authority and the transfer of the project to the state, any money remaining unexpended in the restricted receipt account shall be transferred to the state’s general fund for the general purposes of the state.