§206M-17  Revenue bond fund accounts. The development corporation shall establish separate special funds inaccordance with section 39-62 for the deposit of the proceeds of specialpurpose revenue bonds and special facility revenue bonds authorized under thispart and [part III] respectively.  The development corporation shall have theright to appropriate, apply, or expend the revenues derived with respect to theproject agreement for a project for the following purposes:

(1)  To pay when due all special purpose revenue bondsand special facility revenue bonds, premiums, if any, and interest thereon, forthe payment of which the revenues are or have been pledged, charged, orotherwise encumbered, including reserves therefor; and

(2)  To the extent not paid by the qualified person toprovide for all expenses of administration, operation, and maintenance of theproject, including reserves therefor.

Unless and until adequate provision has beenmade for the foregoing purposes, the development corporation shall not transferthe revenues derived from the project agreement to the high technology specialfund of the State. [L 1983, c 152, pt of §2; am L 1993, c 280, §16; am L 2000,c 72, §22]