A. A local school board shall retain complete and accurate records of: (1)     the net income from the income project; and

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(2)     the operating costs of the income project.

B. All income from the income project shall be used solely for the following purposes:

(1)     to pay the principal, interest and service charges on any bonds or other special obligations issued pursuant to the School Revenue Bond Act; and

(2)     to pay the operating costs of the income project.