§ 8D-7. Application of revenues generally.

The resolution authorizing the issuance of revenue bonds under the provisions of this chapter, or the trust agreement securing such bonds, shall provide that all of the revenues derived from the project on account of which such revenue bonds may be issued, except such part thereof as may be required to pay the cost of maintaining, repairing and operating such project and to provide reserves therefor, shall be set aside at such regular intervals as may be provided in such resolution or trust agreement and deposited for the credit of the following separate funds for the following purposes:

(1)

A sinking fund for the payment of the interest on and the principal of such revenue bonds as the same shall become due, necessary charges of paying agents for paying such interest and principal, and any premium upon bonds retired by call or purchase before their maturity or respective maturities, including the accumulation of a reserve for such purpose; and

(2)

A fund for anticipated renewals and replacements and extraordinary repairs.

The use and disposition of moneys to the credit of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of the revenue bonds or in the trust agreement securing such bonds, and except as may otherwise be provided in such resolution or trust agreement, such sinking fund shall be a fund for the benefit of all such bonds, without distinction or priority of one (1) over another.

(Ch. 22960, § 7, Laws 1945; Ord. No. 78-27, § 2, 4-4-78)