Page History: May a city that participates in a regional library keep and independently manage the proceeds of bond sales for regional library costs?
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Page Revision: 2020/11/20 14:08
AGO Opinion AGO 57 – 58 No. 89 (1957) states:
“The treasurer of a regional library is the sole custodian of the proceeds of the sale of bonds, which bonds were issued to raise money for the construction of a regional library building… [B]y statute, and as a matter of contract, the proceeds of [all] bonds must be deposited in a common construction fund to be administered by the… treasurer of the regional library.”
