80-12-312. Reserve funds and appropriations.
191 words·~1 min read·
/mt/title-80/chapter-12/part-3/80-12-312·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
80-12-312 . Reserve funds and appropriations.
(1)The authority shall pay into one or more capital reserve accounts any:
(a)money appropriated and made available by the state for the purpose of the fund;
(b)proceeds of sale of bonds to the extent provided in the resolutions of the authority authorizing their issuance or in any trust indenture securing their repayment; and
(c)other money that may be available to the authority for the purpose of such a fund from any other source.
(2)All amounts held in a capital reserve account must be used solely for the payment of principal, interest, and a redemption premium with respect to bonds secured in whole or in part by the account. Funds in an account may not be withdrawn at any time in an amount that reduces the amount of the account to less than the minimum capital reserve requirement established for the account except for the purpose, with respect to bonds secured in whole or in part by the account, of making payment, when due, of principal, interest, or redemption premiums for the payment of which other money pledged is not available.