Sec 5-1166. Debt service account

Latest version.

A. If the authority issues bonds under this article, the authority board shall establish a debt service account within the general fund consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses associated with redeeming the bonds.

B. Monies in the debt service account may be used only for the purposes authorized by this article.

C. The authority's fiscal agent shall administer and account for the debt service account.

(Conditionally Rpld.)

                    
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