§ 21-17-434 — Interim debentures; pledges for security

(a) Pledged revenues and other monies, including without
limitation proceeds of bonds to be issued or reissued after the
issuance of interim debentures, and bonds issued for the purpose
of securing the payment of interim debentures, may be pledged
for the purpose of securing the payment of interim debentures.
(b) Any bonds pledged as collateral security for the
payment of any interim debentures shall mature at such time or
times as the board may determine, but in no event exceeding
fifty (50) years from the dates of the bonds and interim
debentures, or if the dates are not the same, from whichever
date is the earlier.
(c) Any bonds pledged as collateral security shall not be
issued in an aggregate principal amount exceeding the aggregate
principal amount of the interim debenture or interim debentures
secured by a pledge of the bonds.