6-13-8. [Interest and retirement fund; establishment; purpose.]
116 words·~1 min read·
/nm/chapter-6-public-finances/article-13-institution-bonds/6-13-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
That the governing board issuing said bonds shall, at the time of issuing said bonds, establish for the payment of the principal and interest thereof a fund to be known as "interest and retirement fund" into which fund said board shall immediately place a sum not less than the amount necessary to pay the interest and maturing principal of said bonds for the ensuing twelve months, and annually thereafter shall continue to place in said fund a sufficient amount to pay principal and interest maturing in the succeeding twelve months.
History: 1941 Comp., § 6-260, enacted by Laws 1949, ch. 121, § 7; 1953 Comp., § 11- 9-8, compiled by Laws 1963, ch. 298, § 2.