§ 23-71-520 — Place of payment

(1) The board of trustees is authorized to
designate the office of the county treasurer of the county in which the
headquarters of such district is situated as the place of payment or optional place
of payment of the principal of or interest on any bonds issued by any such district or
to designate any commercial bank or trust company as the place of payment or
optional place of payment of the principal of or interest on any bonds issued by any
such district, and the commercial bank or trust company so designated may be
located either within or without this state.

(2) It is the duty of the board of trustees to cause sufficient moneys from
said tax levy or refunding escrow account to be placed from time to time at the
place of payment, or optional place of payment, designated on said bonds in an
amount to satisfy the principal and interest obligations of said bonds as the same
may become due and payable from time to time. It is the duty of the treasurer of
said board to pay or cause to be paid the obligations of said bonds as the same may
become due and payable, upon presentation of the bonds and coupons respectively
evidencing such obligations, from any moneys to the credit of the appropriate
account available for that purpose.

Legislative History

Source: L. 75: Entire article added, p. 774, � 1, effective July 1. L. 86: Entire section amended, p. 866, � 57, effective July 1.