19-2124. Same; pledge of revenues and proceeds of gifts or bequests; covenants; bond and reserve funds; payment of cost of operation and maintenance.
19-2124
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 provisions
of this act, the board of county commissioners shall pledge either the gross
or the net income and revenues of the home for the aged to the payment of
principal and interest of such revenue bonds and shall covenant to fix,
maintain and collect such fees and charges for the use of such home for
the aged as will provide revenues sufficient to pay the reasonable cost
of operating and maintaining such home for the aged and to provide and maintain
an interest and sinking fund in an amount adequate to promptly pay both
principal and interest on such bonds and to provide a reasonable reserve
fund. In the event the board shall pledge the gross income and revenue of
such home for the aged to the payment of such bonds, the board may agree
to pay the cost of operation and maintenance of the home for the aged from
any other revenues of the board of county commissioners legally available
for such purpose. In addition, the board in its discretion may pledge to
the payment of principal and interest of such revenue bonds the proceeds
of any gift or bequest which may be received by the board from any source.
History: L. 1979, ch. 65, § 2; April 24.