263.270 Fund to pay principal and interest on bonds; pledge of revenues
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263.270 Fund to pay principal and interest on bonds; pledge of revenues.
(1)When a commission issues revenue bonds under this chapter, the resolution authorizing the issuance of the revenue bonds shall create a special fund for the sole purpose of paying the principal of and interest on the bonds of each such issue, into which fund board of directors may obligate the commission to pay all or part of such amounts of the gross revenue of all or any part of the sports and convention facilities constructed, acquired, improved, added to, repaired or replaced pursuant to this chapter, or other designated revenues, as the board of directors of the commission shall determine.
(2)The principal of and interest on such bonds shall be payable only out of such special fund or funds and the owners of such bonds shall have a lien and charge against the gross revenue pledged to such fund or funds. [1985 c.654 §7]