49-16B-36. Interim notes--Secured by pledge--Repayment from sale of revenue bonds and property acquired.
92 words·~1 min read·
/sd/title-49/chapter-49-16/49-16b-36A 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 authority from the project to be undertaken with the proceeds of the notes, after deducting from such income and revenue any reasonable and necessary maintenance and operation expenses, and shall be payable solely from the proceeds to be derived from the sale of any revenue bonds for permanent financing authorized to be issued under §§ 49-16B-23 to 49-16B-30 , inclusive, and from the property acquired with the proceeds of the notes.