RS 1017 - Sinking fund
Any resolution authorizing the issuance of bonds or other debt obligations under this Part may provide for creation of a sinking fund into which shall be paid from the pledged revenues of the work of public improvement, subject only to prior payment of the reasonable and necessary expenses of operating and maintaining the work of public improvement, sums sufficient to pay principal of and interest on such bonds or other debt obligation and to create such reserve for contingencies as may be provided in such resolution. The monies in the sinking fund may be applied to the payment of interest on and principal of the bonds or other debt obligation or to the purchase or retirement of the bonds or other debt obligation prior to maturity in such manner as may be provided in the resolution.
NOTE: §1017 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
RS 1017 - Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Added by Acts 1977, No. 706, §1; Acts 2018, No. 569, §2, eff. July 1, 2021.