§ 27-76-704 — Use of revenues - Revenue bonds

(a) (1) Except as provided under subdivision (a)(3) of this section, a regional mobility authority that has issued revenue bonds for a toll facility project or a transportation project and that is financed with dedicated revenue derived from tolls, fees, fares, or other funds shall set aside moneys into a sinking fund that is pledged to and charged with the payment of: (A) Interest on the bonds as it becomes due; (B) Principal of the bonds as it becomes due; (C) Necessary charges of paying agents for paying principal and interest; (D) The redemption price or the purchase price of bonds retired by call or purchase as provided in the bond proceedings; and (E) Any amounts due under credit agreements. (2) Moneys shall be set aside into a sinking fund at regular intervals and as provided in the bond resolution or trust agreement. (3) A regional mobility authority may retain the funds necessary to pay the cost of maintenance, repair, and operation and to provide reserves for those costs as provided in the bond proceedings. (b) The use and disposition of money deposited to the credit of the sinking fund is subject to the bond proceedings.

Legislative History

Acts 2007, No. 389, § 1.