§8-16-15. How proceeds of bonds applied.
All moneys received from the sale of any bonds issued under
the authority of this article, after reimbursements and repayments
to said municipality or municipalities of all amounts advanced for
preliminary expenses, as provided in section six of this article,
shall be applied solely to the payment of the cost of the project,
or to the appurtenant sinking fund, and there shall be, and there
is hereby, created and granted a lien upon such moneys, until so
applied, in favor of the holders of the bonds or the trustees
hereinafter provided for.