5-871. Investment of monies in the bond proceeds
subaccount
A. The board may authorize the treasurer or fiscal agent of the authority to invest
monies in the bond proceeds subaccount in the manner prescribed by section 5-873.
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 treasurer or 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 subaccount shall be credited to that subaccount.
|