90-5-109. Cost of projects. The cost of acquiring or improving any project shall be deemed to include the following:
     (1) the actual cost of acquiring or improving real estate for any project;
     (2) the actual cost of construction of all or any part of a project which may be constructed, including architects' and engineers' fees;
     (3) all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;
     (4) bond reserves and premiums for insurance of lease rentals pledged to pay the bonds; and
     (5) the interest on such bonds for a reasonable time prior to construction, during construction, and for not exceeding 6 months after completion of construction.

     History: En. Sec. 7, Ch. 51, L. 1965; amd. Sec. 2, Ch. 234, L. 1975; R.C.M. 1947, 11-4107(part).