7-13-156. Covenants to utilize and maintain reserve fund.
174 words·~1 min read·
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7-13-156 . Covenants to utilize and maintain reserve fund.
(1)In connection with the issuance of metropolitan sanitary and/or storm sewer district bonds, the board of county commissioners may undertake and agree:
(a)to issue orders annually authorizing loans or advances from the reserve fund to the fund maintained for the payment of the bonds, in amounts sufficient to make good any deficiency in the bond and interest accounts thereof to the extent that money is available; and
(b)to provide money for the reserve fund pursuant to the provisions of 7-13-141 and 7-13-144 by establishing and collecting rates, charges, and rentals for sewer services and benefits in amounts sufficient to provide net revenues in excess of the current costs of operation and maintenance of the system, sufficient to maintain such balance in the reserve fund as the board may agree to and undertake.
(2)The undertakings and agreements authorized by subsection
(1)shall be binding upon the county as long as any of said bonds so offered or any interest thereon remains unpaid.