36-491.01. Monies of institution
A. Monies derived from the sale of bonds under the provisions of this article shall be deposited in separate bank accounts in such banks or trust companies as may be designated by the board. All deposits of such money shall, if required by the board, be secured by obligations issued or guaranteed by the United States of a market value equal at all times to the amount of the deposit. All banks and trust companies are authorized to give such security. In the alternative, proceeds from the sale of bonds may be invested and reinvested in a manner authorized by the board, including obligations issued or guaranteed by the United States. Such monies shall be considered as held for and on behalf of the authority.
B. Except monies allocated for payments of costs or for capitalized reserve funds, all other monies of the authority derived from the sale of bonds shall be used to acquire or to provide financing or refinancing for participating facilities to acquire the health care facility or facilities for which the bonds were issued.
C. This section shall not be construed as limiting the power of the board to agree in connection with the issuance of the bonds as to the custody and disposition of monies received from the sale of such bonds or the income and revenue pledged and assigned to or in trust for the benefit of the holder or holders thereof.
Section: Previous 36-481 36-482 36-483 36-484 36-485 36-486 36-491 36-491.01 36-491.02 36-491.03 36-491.04 36-491.05 36-491.06 36-491.07 36-495 NextLast modified: October 13, 2016