§ 54-47. Authorized contents of agreements and instruments of the board generally; use of proceeds of sale of bonds, notes and other obligations; subsequent issues of bonds, notes and other obligations.

(a)

Subject to the limitations and procedures provided by this section and by the immediately preceding section [section 54-46], the agreements or instruments executed by a board may contain such provisions not inconsistent with law as shall be determined by such board.

(b)

The proceeds derived from the sale of all bonds, notes, and other obligations issued by a district shall be held and used for the ultimate purpose of paying, directly or indirectly as permitted herein, all or part of the cost of any project, or for the purpose of refunding any bonds, notes, or other obligations issued in accordance hereunder.

(c)

Issuance by a board of one or more series of bonds, notes, or other obligations for one or more purposes shall not preclude it from issuing other bonds, notes or other obligations in connection with the same project or with any other project; but the proceeding wherein any subsequent bonds, notes, or other obligations are issued shall recognize and protect any prior loan agreement, security agreement, or other agreement or instrument made for any prior issue of bonds, notes, or other obligations, unless in the resolution authorizing such prior issue the right is expressly reserved to the board to issue subsequent bonds, notes, or other obligations on a parity with such prior issue.

(1987 Ga. Laws (Act No. 645), page 5460, § 12)