Section 917.6 - Use of bond proceeds(a) Order.--Upon issuance of bonds, the proceeds shall be applied in the following order: (1) pay the costs of issuance of the bonds;(3) deposit in an appropriate fund moneys to pay capitalized interest on the bonds for the period determined by the department, not to exceed two years;(4) refund outstanding bonds, if applicable;(5) make any other deposit required under any instrument or agreement pertaining to the bonds;(6) repay the principal and interest of Federal advances; and(7) deposit any balance into an unemployment compensation program fund under any instrument or agreement relating to the bonds.(b) Application of balance.--The bond proceeds deposited under subsection (a)(7) shall be applied as directed by the department to do one or more of the following: (1) Repay the principal and interest of previous Federal advances.(2) Pay unemployment compensation benefits.(3) Pay bond administrative expenses.(4) Redeem or purchase outstanding bonds.(5) Pay bond obligations.Added by P.L. 577 2012 No. 60, § 17, eff. 6/12/2012.