The revenues, fees, tolls and earnings derived from any particular project or projects,
regardless of whether or not such revenues, fees, tolls and earnings were produced
by a particular project for which bonds have been issued and any monies derived from
the sale of any properties, both real and personal, of the authority, unless otherwise
pledged and allocated, may be pledged and allocated by the authority to the payment
of the principal and interest on revenue bonds of the authority as the resolution
authorizing the issuance of bonds or the trust indenture may provide, and such funds
as pledged from whatever source received, which said pledge may include funds received
from one (1) or more or all sources, shall be set aside at regular intervals as may
be provided in the resolution or trust indenture, into a sinking fund which said sinking
fund shall be pledged to and charged with the payments of (1) the interest upon such
revenue bonds as such interest shall fall due, (2) the principal of the bonds as the
same shall fall due, (3) the necessary charges of paying agent or agents for paying
principal and interest, and (4) any premium upon bonds retired by call or purchase
as hereinabove provided. The use and disposition of such sinking fund shall be subject
to such regulations as may be provided in the resolution authorizing the issuance
of the revenue bonds or in any trust indenture, but, except as may otherwise be provided
in such resolution or trust indenture, such sinking fund shall be a fund for the benefit
of all revenue bonds without distinction or priority of one over another. Subject
to the provisions of the resolution authorizing the issuance of the bonds or in any
trust indenture, surplus monies in the sinking fund may be applied to the purchase
or redemption of bonds and any such bonds so purchased or redeemed shall forthwith
be cancelled and shall not again be issued.
(Acts 1969, p. 2567, § 17)
var val = document.getElementById('citecontent').innerHTML;
art.dialog.defaults.title = window.location.href;
art.dialog.data('cite', val);
art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');
