§ 195.10. Earnings; disposition thereof.

The revenues, rents, and earnings derived from any particular project or projects, and any and all revenue, rents, and earnings received by the authority, regardless of whether such revenues, rents, and earnings were produced by a particular project for which bonds have been issued, unless otherwise pledged, may be pledged by the authority to the payment of the principal of and interest on revenue bonds of the authority as may be provided in any resolution authorizing the issuance of such bonds or in any trust instrument pertaining to such bonds, and such funds as pledged, from whatever source received, may include funds received from one (1) or more of all sources and may be set aside at regular intervals into sinking funds for which provision may be made in any such resolution or trust instrument and which may be pledged to and charged with the payment of:

(1)

The interest upon such revenue bonds as such interest shall become due;

(2)

The principal of the bonds as the same shall mature;

(3)

The necessary charges of any trustee or paying agent for paying such principal and interest; and

(4)

Any premium upon bonds retired by call or purchase. The use and disposition of any sinking fund may be subject to such regulation as may be provided for in the resolution authorizing the issuance of the bonds or in the trust instrument securing the payment of the same.

(Acts 1996, p. 4216, § 10)