85-9-629. Disposition and investment of sale proceeds. (1) Proceeds from the sales of bonds must be deposited with the county in which the largest portion of the taxable valuation of real property of the district is located.

(2) The county treasurer shall place the proceeds of the bond sale to the credit of the district. The proceeds must be paid by the county treasurer on written order of the directors. Proceeds may only be spent for the purposes for which the bonds were issued.

(3) The directors shall instruct the county treasurer to deposit any part of the proceeds that is not immediately needed for the purpose for which the bonds were issued in a saving or time deposit in a state or national bank, savings and loan association, or credit union insured by the federal deposit insurance corporation or the national credit union administration or to invest in direct obligations of the United States government. The obligations must be payable within not to exceed 180 days from the time of deposit or investment.