The Legislature may create and establish a âGeneral Obligation Bond Proceeds Fundâ in the State Treasury, and may provide for the proceeds of the sale of general obligation bonds of the State heretofore or hereafter issued, including any sums paid as accrued interest thereon, under any or all acts authorizing the issuance of such bonds, to be paid into or transferred to, as the case may be, the âGeneral Obligation Bond Proceeds Fund.â Accounts shall be maintained in the âGeneral Obligation Bond Proceeds Fundâ of all moneys deposited in the State Treasury to the credit of that fund and the proceeds of each bond issue shall be maintained as a separate and distinct account and shall be paid out only in accordance with the law authorizing the issuance of the particular bonds from which the proceeds were derived. The Legislature may abolish, subject to the conditions of this section, any fund in the State Treasury heretofore or hereafter created by any act for the purpose of having deposited therein the proceeds from the issuance of bonds if such proceeds are transferred to or paid into the âGeneral Obligation Bond Proceeds Fundâ pursuant to the authority granted in this section; provided, however, that nothing in this section shall prevent the Legislature from re-establishing any bond proceeds fund so abolished and transferring back to its credit all proceeds in the âGeneral Obligation Bond Proceeds Fundâ which constitute the proceeds of the particular bond fund being re-established.
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