17-5-911. Highway revenue bond debt service account -- deposit of bond proceeds.
249 words·~1 min read·
/mt/title-17/chapter-5/part-9/17-5-911·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-5-911 . Highway revenue bond debt service account -- deposit of bond proceeds.
(1)There is in the debt service fund a highway revenue bond debt service account. The state treasurer shall deposit highway revenues that are pledged to the payment of particular bonds, to the credit of the highway revenue bond debt service account as required by resolution or indenture.
(2)All proceeds of an issue of bonds must be deposited in a separate account in the state special revenue fund, except that any premiums and accrued interest received may be deposited in a separate account in the debt service fund established for that bond issue by resolution or indenture. No more than the principal and interest on the bonds due in any year may be retained in the highway revenue bond debt service account for the payment of bonds. The remainder of pledged revenues is available for authorized purposes of the department. Money deposited in the separate accounts in the state special revenue fund until spent for project purposes may be pledged and appropriated for the payment of bonds, which are a first lien and prior charge upon the funds, and the funds may be used for payment of bonds to the extent highway revenues deposited in the highway revenue bond debt service account are not sufficient for that purpose.
(3)Interest and investment earnings on the separate accounts named in subsections
(1)and
(2)must be retained in the separate accounts referred to in subsection (2).