(a) Issuance.-- Local financing or owner financing may be used to issue bonds to finance qualified projects. (b) Restrictions.-- Bonds issued under this chapter may not be general obligations of the municipality or county. (c) Use of proceeds.-- Funds generated from the issuance of a bond may only be used for the following purposes: (1) Design, engineering and project development costs of a qualified project. (2) Infrastructure related to and necessary for a qualified project. (3) Purchase and installation cost of any equipment needed for a qualified project. (4) Payment of normal and customary issuance and closing fees of a bond. (5) Normal and customary administrative fees necessary to continue operations of the municipal or county financing agency. The fees can include, but are not limited to, audits and application fees.
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