§10-2A-14. How proceeds of bonds applied; lien.
All moneys received from the sale of any bonds issued pursuant
to this article, after reimbursements and repayments to said board
of all amounts advanced for preliminary expenses, as provided in
section five of this article, shall be applied solely to the
payment of the costs of the athletic establishment, or to the
appurtenant sinking fund, and there shall be, and hereby is created
and granted a lien upon such money, until so applied, in favor of
the holders of the bonds or the trustees hereinafter provided for.