§ 820-15 — Creation of Reserve Funds

The Authority may establish and maintain one or more reserve funds in which there may be one or more accounts in which there may be deposited: (a) Any proceeds of bonds issued by the Authority required to be deposited therein by the terms of any contract between the Authority and its bondholders or any resolution of the Authority; (b) Any other moneys or funds of the Authority which it may determine to deposit therein from any other source; and (c) Any other moneys or funds made available to the Authority, including without limitation any proceeds of any local government security or any taxes or revenues, rates, charges, assessments, grants, or other funds pledged or assigned to pay, repay or secure any local government security. Subject to the terms of any pledge to the owners of any bond, moneys in any reserve fund may be held and applied to the payment of the interest, premium, if any, or principal of bonds or local government securities or for any other purpose authorized by the Authority.

Legislative History

(Source: P.A. 93-205, eff. 1-1-04.)