Section 15-1-707 - Use of bond proceeds for certain purposes; actual project costs(a) The proceeds from the sale of any bonds issued under this article shall be applied only for the purpose for which the bonds were issued. Any accrued interest and premiums received on the sale shall be applied to the payment of the principal or the interest on the bonds sold. If any portion of the proceeds is not needed for the purpose for which the bonds were issued, then the unneeded portion shall be applied to the payment of the principal or the interest on the bonds. The cost of acquiring or improving any project shall include the actual cost of: (i) Acquiring or improving the real estate; (ii) Construction of all or any part of the project, including architects' and engineers' fees; (iii) All expenses in connection with the authorization, sale and issuance of the bonds to finance the acquisition or improvement; and (iv) Interest on the bonds for a reasonable time prior to construction, during construction and for not more than six (6) months after completion of construction.