234.16 General reserve fund. The authority shall establish a special fund, referred to in this chapter as general reserve fund, and shall pay into such fund all fees and charges collected by the authority and any moneys which the authority transfers from the capital reserve fund. Such moneys and any other moneys paid into the general reserve fund, in the discretion of the authority but subject to agreements with bondholders and noteholders, may be used by the authority:
(1) For the repayment of advances from the state in accordance with the repayment agreements between the authority and the secretary of administration;
(2) To pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents;
(3) For transfers to the capital reserve fund;
(4) For the payment of the principal of and interest on notes or bonds issued by the authority when the same become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such bonds or notes are redeemed prior to their stated maturities, and to purchase notes or bonds; or
(5) For such other corporate purposes of the authority as the authority in its discretion determines.
History: 1971 c. 287.