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



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



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



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