34.01.310 Bond Proceeds; Kept in Separate Fund; Protection of Purchaser

All borrowed money must be paid into the treasury of the Governing Body borrowing it, must be kept there until used, in a fund separate and distinct from all other funds, to be used for the purpose for which it was borrowed and for no other purpose except that such funds may be temporarily invested in securities as are approved by the governing board, and may be withdrawn only upon order or warrants made payable out of said fund and expressing the purpose for which they were drawn. The purchaser of any bonds issued pursuant to this Bond Code is not obliged to see to the application of the purchase price thereof, but is protected fully in paying for such bonds by the receipt of the Tribal Councilor of the officer delivering such bonds. Income from the temporary investing of receipts from bond issues must be available for use for such purpose as such bond issue was approved or upon.