7-6-2802. Investment of proceeds arising from sale of county high school construction bonds. (1) Whenever the county has under its control any money realized from the sale of bonds by a county high school for the purpose of construction, for which there is no immediate demand and which in the judgment of the governing body of the county high school it would be advantageous to invest in any time or savings deposit or in short-term obligations of the United States of America, such governing body may in its discretion direct the county treasurer to make such investments.
     (2) Interest earned from such investments, except interest on the sale of bonds accrued in the period between the date of issue and the time of purchase, which must be credited to the sinking fund, may be credited to the sinking fund of the county high school, provided that in the event construction of said buildings is delayed for a period longer than 6 months due to court action or other causes beyond the control of the trustees, the trustees may direct that interest earned be credited to the fund from which the money was withdrawn. The trustees may authorize expenditures from interest earned, except as provided above, for furnishing and equipping the buildings for which the bonds were sold.
     (3) No provision of this section may be construed to prevent the investment of county or county high school money under the state unified investment program established in Title 17, chapter 6, part 2.

     History: En. Sec. 1, Ch. 144, L. 1927; re-en. Sec. 4639.1, R.C.M. 1935; amd. Sec. 1, Ch. 151, L. 1951; amd. Sec. 1, Ch. 223, L. 1961; amd. Sec. 1, Ch. 13, L. 1963; amd. Sec. 1, Ch. 268, L. 1969; amd. Sec. 1, Ch. 421, L. 1973; amd. Sec. 1, Ch. 304, L. 1975; R.C.M. 1947, 16-2050(2), (3).