5-1174. Deposit and disbursement of
monies



(Conditionally Rpld.)



A. Monies derived from selling bonds under this article or pledged or assigned to
or in trust for the benefit of the holder or holders of the bonds shall be deposited by
the authority's fiscal agent in financial institutions that the authority board
designates and that are insured by an agency or instrumentality of the United States.
The monies shall be disbursed as the authority board directs and according to the terms
of any agreements with the holder or holders of the bonds.


B. This section shall not be construed as limiting the power of the authority board
to agree in connection with the issuance of any of its bonds as to the custody and
disposition of the monies received from selling bonds or from the income and revenues
pledged or assigned to or in trust for the benefit of the holder or holders of the bonds.