5-1171. Investment of monies in the bond proceeds account
A. The authority board may authorize the authority's fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 5-1173.
B. The order directing an investment shall state a date on which the proceeds from the sale of the bonds will be needed for use, and the fiscal agent shall make the investment in such a way as to mature on or before the specified date.
C. All monies earned as interest or otherwise derived from the investment of the monies in the bond proceeds account shall be credited as described in the authorizing resolution.Section: Previous 5-1164 5-1165 5-1166 5-1167 5-1168 5-1169 5-1170 5-1171 5-1172 5-1173 5-1174 5-1175 5-1176 5-1177 Next
Last modified: October 13, 2016