19-2124.   Same; pledge of revenues and proceeds of gifts or bequests;covenants; bond and reserve funds; payment of cost of operation and maintenance.At or prior to the issuance of revenue bonds under the provisionsof this act, the board of county commissioners shall pledge either the grossor the net income and revenues of the home for the aged to the payment ofprincipal and interest of such revenue bonds and shall covenant to fix,maintain and collect such fees and charges for the use of such home forthe aged as will provide revenues sufficient to pay the reasonable costof operating and maintaining such home for the aged and to provide and maintainan interest and sinking fund in an amount adequate to promptly pay bothprincipal and interest on such bonds and to provide a reasonable reservefund. In the event the board shall pledge the gross income and revenue ofsuch home for the aged to the payment of such bonds, the board may agreeto pay the cost of operation and maintenance of the home for the aged fromany other revenues of the board of county commissioners legally availablefor such purpose. In addition, the board in its discretion may pledge tothe payment of principal and interest of such revenue bonds the proceedsof any gift or bequest which may be received by the board from any source.

      History:   L. 1979, ch. 65, § 2; April 24.