§ 1-16B-32 — Bonds and notes not issued when capital reserve below required amount.

The authority may not issue bonds or notes secured by the capital reserve fund if the capital reserve requirement exceeds the capital reserve fund at the time of issuance, unless the authority, at the time of issuance of such bonds or notes, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the new capital reserve requirement.

Legislative History

SL 1978, ch 9, § 16.