Section 6-1-4 – Loans or grants obtained by political subdivisions; application of proceeds.

Any municipal corporation or other political subdivision obtaining a loan or grant shall apply the proceeds thereof only for the purposes stated by the state board of finance in its action approving the loan or grant. History: 1953 Comp., § 11-1-1.3, enacted by Laws 1959, ch. 139, § 3; 1973, ch. 92, § 3.