(a) (1) All proceeds from the sale of bonds or notes other than premium or accrued interest must be deposited by the State Treasurer in a special fund or funds of the State and applied for the purposes for which the bonds or notes were issued or as otherwise provided by law. All proceeds from the sale of revenue notes and all accrued interest from the sale of bonds or revenue notes must be deposited by the State Treasurer in the General Fund. Any premium from bonds or revenue notes, except for any premium received on refunding bonds, sold after January 1, 2004, including any such premium previously deposited in the General Fund, must, at the discretion of the Director of the Office of Management and Budget, Controller General, and the Secretary of Finance, be deposited in 1 of the following. a. A special fund of the State and applied for the purposes for which the bonds or notes were issued or as otherwise provided by law. b. An escrow fund to redeem, refund, or defease debt service on existing bonds or notes of the State, or debt service on any debt or other obligation of an instrumentality of the State. (2) If a deposit is made under paragraph (a)(1) of this section, bond authorization must be reduced by a corresponding amount. Under no circumstances may any proceeds, premium, or accrued interest be applied to pay the costs of any project not authorized by the General Assembly. (b) The State may advance money to a special fund of the State established to hold money raised or to be raised to finance costs of projects authorized to be financed with the proceeds of bonds or notes after the adoption of an authorization act but prior to the issuance of bonds or notes authorized to be issued by that authorization act. Money may be advanced, in an amount not exceeding the greater of 3% of the estimated net General Fund revenue for that fiscal year from all sources (not including unencumbered funds remaining at the end of the previous fiscal year) as determined by joint resolution approved by a majority of the members elected to each House of the General Assembly and signed by the Governor in connection with the adoption of the annual budget appropriation bill for that fiscal year, or $ 150,000,000, from any other fund of the State unless prohibited by any other law. Any money advanced must be repaid at the time the money advanced is needed for the purposes for which the money was held before being advanced.
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