Any net income to the authority shall be used to create a reserve fund for payment of repairs, capital improvements in such amount as shall be approved by the Secretary of the Office of Policy and Management, and outstanding bonds and interest thereon due and payable in the succeeding fiscal year. The reserve fund may be used by the authority to carry out the purposes of this chapter.
(1949 Rev., S. 3104; 1957, P.A. 568, S. 1; 1967, P.A. 68, S. 1; P.A. 77-614, S. 19, 610; P.A. 97-155, S. 2.)
History: 1967 act required that reserve be used for payment of capital improvements in amounts approved by commissioner of finance and control; P.A. 77-614 replaced commissioner of finance and control with secretary of the office of policy and management; P.A. 97-155 deleted provisions re transfers from the fund when the fund exceeded $25,000.