§ 14-185-132 — Bonds - Pledge of revenues

(a) The principal of, premium, if any, or interest on, and trustee's and paying agent's fees in connection with each issue of bonds issued by the port authority under this chapter shall be secured by a pledge of, and shall be payable from, the revenues derived from the lands, buildings, or facilities acquired, constructed, reconstructed, extended, improved, or equipped, in whole or in part, with the proceeds of the bonds of the particular issue. (b) In addition, the port authority issuing the bonds is authorized to pledge to, and use for the payment of the principal of, premium, if any, or interest on, and trustee's and paying agent's fees in connection with a particular issue of bonds, revenues derived from other lands, buildings, or facilities owned or held by the port authority, and an investment contract or contracts entered into by the port authority for the purpose of paying and securing the bonds, and any revenues to be derived from the contract or contracts.

Legislative History

Acts 1961, No. 439, § 10; 1975 (Extended Sess., 1976), No. 1232, § 2; A.S.A. 1947, § 21-1510; Acts 1987, No. 46, § 2; reen. Acts 1987, No. 1017, § 2.