§ 12-41-613 — Bonds - Pledge of revenues - Funds

(a) The principal, premiums, if any, interest, and trustee's and paying agent's fees in connection with all bonds issued under this subchapter shall be secured by a lien on and pledge of the fee revenues and the gross revenues derived from the fees levied under the provisions of § 12-41-617 [repealed]. (b) Such pledged revenues are specifically declared to be cash funds, restricted in their use and dedicated and to be used solely as provided in this subchapter. (c) (1) There is created a fund designated "county jail revenue bond fund" to be maintained at a depository as shall be specified by the county jail board. The county jail revenue bond fund shall be a trust fund. (2) After the issuance of any bonds under this subchapter, the moneys in the county jail revenue bond fund shall be applied solely for the payment of the principal of, premiums, if any, interest on, trustee's and paying agent's fees in connection with the bonds at maturity and at redemption prior to maturity, except moneys that are withdrawn therefrom pursuant to the subsequent provisions of this section, all as shall be specified and subject to the terms and conditions set forth in the authorizing resolution or trust indenture. (d) The pledged revenue shall not be deposited into the county treasury but, as and when received, shall be deposited into the county jail revenue bond fund. (e) The principal of, premiums, if any, interest on, and trustee's and paying agent's fees in connection with the bonds shall be payable solely from the moneys in the county jail revenue bond fund and the moneys required by this subchapter to be deposited into the county jail revenue bond fund. (f) The board is directed to insert appropriate provisions in the authorizing resolution or trust indenture for the investment and reinvestment of moneys in the county jail revenue bond fund in securities selected by the board, and all income derived from such investments shall be and become part of the county jail revenue bond fund.

Legislative History

Acts 1981, No. 879, § 8; A.S.A. 1947, § 46-436.