90-7-319. Maintenance of capital reserve account.
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/mt/title-90/chapter-7/part-3/90-7-319·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
90-7-319 . Maintenance of capital reserve account.
(1)In order to ensure the maintenance of the capital reserve account, the presiding officer of the authority shall, on or before September 1 in each year preceding the convening of the legislature, deliver to the governor a certificate stating the sum, if any, required to restore the capital reserve account to the sum of minimum capital reserve requirements. The governor shall include in the executive budget submitted to the legislature the sum required to restore the capital reserve account to the minimum capital reserve requirements. All funds appropriated by the legislature for maintenance of the capital reserve account must be deposited in the account as required in 90-7-317 .
(2)All amounts appropriated to the authority under this section constitute advances to the authority and, subject to the rights of the holders of bonds or notes of the authority, must be repaid to the state general fund, without interest from available operating revenue of the authority in excess of amounts required for the payment of bonds, notes, or other obligations of the authority, for maintenance of the capital reserve account, and for operating expenses.