11-11-75. Deposit in reserve fund of bond proceeds necessary to maintain required amount.
101 words·~1 min read·
/sd/title-11/chapter-11-11/11-11-75·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The authority shall not at any time issue bonds secured in whole or in part by a capital reserve fund if upon the issuance of such bonds, the amount in such capital reserve fund will be less than the maximum capital reserve fund requirement for such fund, unless the authority at the time of issuance of such bonds shall deposit in such fund from the proceeds of the bonds so to be issued, or from other sources, an amount which together with the amount then in such fund, will not be less than the maximum capital reserve requirement for such fund.