5-870. Use of surplus monies
A. If a balance remains in the bond proceeds subaccount after all acquisition, construction and related costs have been paid:
1. The board shall credit the balance to repay any other outstanding indebtedness of the authority.
2. If the authority has no outstanding indebtedness, the board shall credit the remaining balance to the authority's operating account established by section 5-836.
B. If a balance remains in the debt service account after payment of all bonds, interest and other charges related to bonds issued under this article, the board shall credit the balance to the authority's operating account established by section 5-836.Section: Previous 5-863 5-864 5-865 5-866 5-867 5-868 5-869 5-870 5-871 5-872 5-873 5-874 5-875 5-876 5-877 Next
Last modified: October 13, 2016