§ 7-15-4511 — Creation Of Special Funds

7-15-4511 . Creation of special funds. In connection with the issuance of bonds and/or the incurring of any obligation under a lease and in order to secure the payment of such bonds and/or obligations, the authority shall have power to:
(1) create or authorize the creation of special funds in which there shall be segregated:
(a) the proceeds of any loan and/or grant;
(b) all of the rents, fees, and revenues of any housing project or projects or parts thereof;
(c) any money held for the payment of the costs of operation and maintenance of any such housing projects or as a reserve for the meeting of contingencies in the operation and maintenance thereof;
(d) any money held for the payment of the principal and interest on its bonds or the sums due under its leases and/or as a reserve for such payments; and
(e) any money held for any other reserves or contingencies; and
(2) covenant as to the use and disposal of the money held in such funds.

Legislative History

En. Sec. 16, Ch. 140, L. 1935; re-en. Sec. 5309.16, R.C.M. 1935; R.C.M. 1947, 35-116(part).