Sec 5-865. Debt service account

Latest version.

A. If the authority issues bonds under this article the board shall establish a debt service account 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 treasurer or fiscal agent of the authority shall administer and account for the debt service account.

                    
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