(a)(1) The proceeds received from the tax authorized by this article shall be used by the county exclusively for the purpose or purposes specified in the resolution or ordinance calling for imposition of the tax. Such proceeds shall be kept in a separate account from other funds of the county and shall not in any manner be commingled with other funds of the county prior to the expenditure.

(2) The governing authority of the county and the governing authority of each municipality receiving any proceeds from the tax pursuant to a contract with the county shall maintain a record of each and every project for which the proceeds of the tax are used. A schedule shall be included in each annual audit which shows for each project in the resolution or ordinance calling for imposition of the tax the original estimated cost, the current estimated cost if it is not the original estimated cost, amounts expended in prior years, and amounts expended in the current year. The auditor shall verify and test expenditures sufficient to provide assurances that the schedule is fairly presented in relation to the financial statements. The auditor's report on the financial statements shall include an opinion, or disclaimer of opinion, as to whether the schedule is presented fairly in all material respects in relation to the financial statements taken as a whole.

(3) Where the tax authorized by this article has been imposed prior to April 19, 1994, for a period of four years for road, street, and bridge purposes and five years for other purposes, this paragraph shall apply. When this paragraph applies, proceeds from any or all years of the five-year imposition period may be used for road, street, and bridge purposes and proceeds from any or all years of the five-year imposition period may be used for the other authorized purposes, so long as the total expenditures of the tax proceeds are consistent with the total expenditures provided for in the original resolution or ordinance calling for the imposition of the tax.

(b) If the resolution or ordinance calling for the imposition of the tax specified that the proceeds of the tax are to be used in whole or in part for road, street, and bridge purposes, then authorized uses of the tax proceeds shall include acquisition of right of way for, construction of, and renovation and improvement of, including relocation of utilities for and improvement of surface water drainage from, roads, streets, bridges, sidewalks, and bicycle paths both within the unincorporated area of the county and within the incorporated areas of municipalities within the county. If the resolution or ordinance calling for the imposition of the tax specified that the proceeds of the tax are to be used in whole or in part for road, street, and bridge purposes, then no part of the proceeds of the tax shall be used to retire general obligation debt with respect to such road, street, and bridge purposes.

(c) No general obligation debt shall be issued in conjunction with the imposition of the tax authorized by this article when the tax is imposed in whole or in part for road, street, and bridge purposes with respect to such road, street, and bridge purposes. If the tax is imposed solely for purposes other than road, street, and bridge purposes or in part for road, street, and bridge purposes and in part for other purposes, then no general obligation debt shall be issued in conjunction with the imposition of the tax unless the county governing authority determines that, and if the debt is to be validated it is demonstrated in the validation proceedings that, during each year in which any payment of principal or interest on the debt comes due the county will receive from the tax authorized by this article net proceeds sufficient to fully satisfy such liability. General obligation debt issued under this article shall be payable first from the separate account in which are placed the proceeds received by the county from the tax authorized by this article. Such debt, however, shall constitute a pledge of the full faith, credit, and taxing power of the county; and any liability on said debt which is not satisfied from the proceeds of the tax authorized by this article shall be satisfied from the general funds of the county.

(d) The resolution or ordinance calling for imposition of the tax authorized by this article solely for purposes other than for road, street, and bridge purposes or in part for road, street, and bridge purposes and in part for other purposes may specify that all of the proceeds of the tax will be used for payment of general obligation debt issued in conjunction with the imposition of the tax with respect to purposes other than road, street, and bridge purposes. If the resolution or ordinance so provides, then such proceeds shall be used solely for such purpose except as provided in subsection (g) of this Code section.

(e)(1) The resolution or ordinance calling for the imposition of the tax authorized by this article solely for purposes other than for road, street, and bridge purposes or in part for road, street, and bridge purposes and in part for other purposes may specify that a part of the proceeds of the tax will be used for payment of general obligation debt issued in conjunction with the imposition of the tax with respect to purposes other than road, street, and bridge purposes. If the ordinance or resolution so provides, it shall specifically state the other purposes for which such proceeds will be used; and such other purposes shall be a part of the capital outlay project or projects for which the tax is to be imposed. In such a case no part of the net proceeds from the tax received in any year shall be used for such other purposes until all debt service requirements of the general obligation debt for that year have first been satisfied from the account in which the proceeds of the tax are placed.

(2) In no event shall any proceeds of general obligation debt issued pursuant to this article be used for road, street, or bridge purposes.

(f) The resolution or ordinance calling for the imposition of the tax may specify that no general obligation debt is to be issued in conjunction with the imposition of the tax. If the ordinance or resolution so provides, it shall specifically state the purpose or purposes for which the proceeds will be used.

(g)(1)(A) If the proceeds of the tax are specified to be used solely for the purpose of payment of general obligation debt issued in conjunction with the imposition of the tax, then any net proceeds of the tax in excess of the amount required for final payment of such debt shall be subject to and applied as provided in paragraph (2) of this subsection. (B) If the county receives from the tax net proceeds in excess of the maximum cost of the project or projects stated in the resolution or ordinance calling for the imposition of the tax or in excess of the actual cost of such project or projects, then such excess proceeds shall be subject to and applied as provided in paragraph (2) of this subsection.

(C) If the tax is terminated under paragraph (1) of subsection (b) of Code Section 48-8-112 by reason of denial of validation of debt, then all net proceeds received by the county from the tax shall be excess proceeds subject to paragraph (2) of this subsection.

(2) Excess proceeds subject to this subsection shall be used solely for the purpose of reducing any indebtedness of the county other than indebtedness incurred pursuant to this article. If there is no such other indebtedness or, if the excess proceeds exceed the amount of any such other indebtedness, then the excess proceeds shall next be paid into the general fund of the county, it being the intent that any funds so paid into the general fund of the county be used for the purpose of reducing ad valorem taxes.