May a city that participates in a regional library keep and independently manage the proceeds of bond sales for regional library costs?

Modified on 2020/11/20 14:11 by Jeremy Stroud Categorized as Budget, FAQ

<p>AGO Opinion <a href="https://www.atg.wa.gov/ago-opinions/regional-library-treasurer-custodian-proceeds-bond-sale" target="_blank" class="externallink">AGO 57 &ndash; 58 No. 89 (1957)</a> states:</p>
<blockquote><nowiki>&ldquo;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&mldr; [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&mldr; treasurer of the regional library.&rdquo;</nowiki></blockquote>

Meta Keywords: Library Law, Regional Libraries, Bonds, Finances, Treasurer, Construction, Cities, Common Fund, AGO Opinion
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May a city that participates in a regional library keep and independently manage the proceeds of bond sales for regional library costs?