63B-2-208. Creation of sinking fund.
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63B-2-208. Creation of sinking fund.
(1)There is created a sinking fund, to be administered by the state treasurer, entitled the "1993 Highway General Obligation Bonds Sinking Fund."
(2)All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds.
(3)The proceeds of all taxes levied under this chapter are appropriated to this fund.
(4)The state treasurer may create separate accounts within the sinking fund for each series of bonds issued.
Enacted by Chapter 304 , 1993 General Session