§49-11  Use of revenue and user taxes ofundertaking or loan program.  Whenever any revenue bonds have been issuedunder this chapter for an undertaking or a loan program, the revenue, or theuser taxes, or combination of both, from which the revenue bonds are payableand by which they are secured of the undertaking or loan program shall bedeposited in a special fund and shall be appropriated, applied, or expended,and the county shall have the right to appropriate, apply, or expend the same,in the amount necessary therefor for the following purposes and in such orderof priority as the county shall provide in the resolution or resolutionsauthorizing the issuance of revenue bonds:

(1)  To pay when due all revenue bonds and interestthereon issued for the undertaking or loan program, for the payment of whichthe revenue, or user taxes, or combination of both, is or shall have beenpledged, charged, or otherwise encumbered, including reserves therefor;

(2)  To pay or provide for the payment of the cost ofoperation, maintenance, and repair of the undertaking, or to pay or provide forthe payment of administering, operating, and maintaining the loan program,including reserves therefor;

(3)  For such purposes, within the jurisdiction,powers, duties, and functions of the county, including the creation andmaintenance of reserves, as shall have been covenanted in any resolution orresolutions of the county providing for the issuance of revenue bonds;

(4)  To reimburse the general fund of the county forall bond requirements for general obligation bonds which are or shall have beenissued for the undertaking or loan program, or to refund any of the generalobligation bonds, except insofar as the obligation of reimbursement has been orshall be canceled by the governing body, the bond requirements being theinterest on term and serial bonds, sinking fund for term bonds, and principalof serial bonds maturing the following year;

(5)  To provide for betterments and improvements tothe undertaking or expansion of the loan program, including reserves therefor;or

(6)  To provide such special reserve funds and otherspecial funds as are or may be created by the resolution or resolutionsauthorizing the revenue bonds.

Unless and until adequate provision has been madefor the foregoing purposes, the county shall not have the right to transfer toits general fund or apply to any other purposes any part of the revenue, oruser taxes, pledged to the payment of the revenue bonds, of the undertaking orloan program. [L 1989, c 80, pt of §3]