§ 14-95-605 — Bond fund

(a) Commencing the first day of the month succeeding the issuance of the bonds under this chapter and so long as any bonds are outstanding under this chapter, the pledged revenues of each municipality's urban service district shall be periodically transferred to the authority and shall not be subject to appropriation by the municipality, but, as and when received by the authority, shall be deposited in a bank or banks selected by the authority to the credit of a fund designated as the "Urban Service District Revenue Bond Fund", with appropriate identification for separate issues or series. (b) (1) So long as any bonds are outstanding under this chapter, all moneys in any bond fund shall be used solely for the payment of the principal of, premiums, if any, interest on, and trustees' and paying agents' fees in connection with the bonds, with the maintenance of necessary funds and reserves. (2) Except that, the authorizing resolution or trust indenture may provide for the withdrawal, for other purposes, of surplus moneys, as defined in the authorizing resolution or trust indenture. (c) Nothing in § 14-95-604 , this section, or § 14-95-608 is intended to prohibit the authority from investing moneys received under this section, § 14-95-604 , or § 14-95-608 , as provided in this chapter.

Legislative History

Acts 1995, No. 1090, § 10.