[§342D-91] Revenue bonds; investment of proceeds, and redemption.
136 words·~1 min read·
/hi/342d-91A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§342D-91] Revenue bonds; investment of proceeds, and redemption. Subject to any agreement with the holders of its revenue bonds, the director may:
(1)Invest moneys not required for immediate use, including proceeds from the sale of any revenue bonds, funds held in reserve or sinking funds or any funds not required for immediate disbursement, in property or securities in which savings banks may legally invest funds subject to their control. No provisions with respect to the investment of moneys or the acquisition, operation, or disposition of property by other public bodies shall be applicable to the director or department unless the legislature shall specifically so state; and
(2)Purchase revolving fund revenue bonds out of any fund or money available therefor, and hold, cancel, or resell the revenue bonds. [L 1997, c 221, pt of §1]