5-874

5-874. Deposit and disbursement of
monies

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 treasurer or fiscal agent in financial institutions that the board designates and
that are insured by an agency or instrumentality of the United States. The monies shall
be disbursed as the 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 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.