9.2.1 Project Fund

Monies in project funds (also known as “program funds,” “acquisition funds,” and “construction funds”) are used to pay project costs such as land and equipment acquisitions, architectural and other planning costs, site preparation, and construction costs. These monies are expended early, but they constitute the great majority of bond proceeds. See Section 2.4.3, Funds and Accounts; Flow of Funds. Developing an expected expenditure timetable, or draw schedule, for monies in these funds is usually an integral part of sizing a local agency debt financing and is the logical place to start in developing an investment plan for a project fund.