13-51A-7. Security for payment of interim notes--Sources of payment.
93 words·~1 min read·
/sd/title-13/chapter-13-51/13-51a-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All such notes and the interest thereon may be secured by a pledge of any income and revenue derived by the institution from the project (subject to the prior payment of the operation and maintenance expenses of any project) to be undertaken with the proceeds of the notes and shall be payable solely from such income and revenue and from the proceeds to be derived from the sale of any revenue bonds for permanent financing authorized to be issued under this chapter, and from the project acquired with the proceeds of the notes.