17-288. Distributions from the conservation
development fund
A. Not later than the first day of each month, the fiscal agent shall distribute
from the conservation development fund to the appropriate bond payment funds and accounts
such monies as are necessary to pay when due the principal of, interest on and any
premium on all outstanding bonds. The time, method, amounts, priority and appropriate
fund of these distributions shall be as provided in the resolution authorizing the
issuance of the bonds and the agreement with the bondholders.
B. If the monies in all the funds and accounts are sufficient to pay when due all
principal coming due on outstanding bonds during the ensuing twelve months and all other
amounts coming due on outstanding bonds during the ensuing six months, the fiscal agent
shall distribute any excess monies in the conservation development fund to the capital
improvement fund.
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