90-7-317. Capital reserve account.
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/mt/title-90/chapter-7/part-3/90-7-317·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
90-7-317 . Capital reserve account.
(1)There is a capital reserve account in the enterprise fund provided for in 90-7-202 (17).
(2)The authority shall deposit into the capital reserve account:
(a)funds from state appropriations received for deposit into the account, as provided in 90-7-319 , for bonds issued to finance capital projects for community health facilities that contract with the state to provide health care services, bonds issued to finance the facilities described in 90-7-220 and 90-7-221 , or bonds used to finance prerelease centers that contract with the state; and
(b)proceeds from the sale of bonds or notes to the extent provided in the resolutions or indentures of the authority authorizing their issuance.
(3)The authority may also deposit into the capital reserve account:
(a)revenue from fees and charges imposed by the authority;
(b)income from the investment of funds belonging to the authority; and
(c)any other funds that may be available to the authority for the purpose of the account from any other source, including loans authorized under 90-7-320 .