§ 59-5-59. Allocation of revenues, rents and earnings to payment of bonds; sinking fund.
The net revenues, rents, and earnings derived from any planned development or the net revenues, rents, and earnings received by the board produced by a state port, harbor, or part thereof, for which bonds have been issued, shall be pledged and allocated by the board to the payment of the principal of and interest on the bonds issued for such planned development as the resolution authorizing the issuance of the bonds may provide, and such pledge may include funds received from one or more or all sources available to such planned development and shall be set aside at regular intervals into a sinking fund, which sinking fund shall be pledged to and charged with the payment of:
(a) The interest upon such bonds as such interest shall accrue.
(b) The principal of the bonds when due, or when declared to be due, as prescribed by the resolution authorizing the bonds.
(c) The necessary charges of the paying agent or paying agents for paying principal and interest of and on such bonds.
(d) Any premium on bonds retired by call or purchase as may be provided therein.
(e) Net revenues shall be defined in the agreement between the board and the city or county, or other authorized port or harbor agency, as provided in Sections 59-5-17 and 59-5-19.
The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing any issue of bonds, but except as may otherwise be provided in such resolution such sinking fund shall be a fund for the benefit of all bonds issued under such resolution, without distinction or priority of one over the other. Subject to the provisions of the resolution authorizing the issuance of the bonds, surplus moneys in the sinking fund may be applied to the purchase or redemption of any of such bonds, and any such bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.
Sources: Codes, 1942, § 7464-21; Laws, 1958, ch. 365, § 21; Laws, 1967, Ex. Sess. ch. 7, § 6, eff from and after passage (approved June 29, 1967).
§ 59-5-59. Allocation of revenues, rents and earnings to payment of bonds; sinking fund.
The net revenues, rents, and earnings derived from any planned development or the net revenues, rents, and earnings received by the board produced by a state port, harbor, or part thereof, for which bonds have been issued, shall be pledged and allocated by the board to the payment of the principal of and interest on the bonds issued for such planned development as the resolution authorizing the issuance of the bonds may provide, and such pledge may include funds received from one or more or all sources available to such planned development and shall be set aside at regular intervals into a sinking fund, which sinking fund shall be pledged to and charged with the payment of:
(a) The interest upon such bonds as such interest shall accrue.
(b) The principal of the bonds when due, or when declared to be due, as prescribed by the resolution authorizing the bonds.
(c) The necessary charges of the paying agent or paying agents for paying principal and interest of and on such bonds.
(d) Any premium on bonds retired by call or purchase as may be provided therein.
(e) Net revenues shall be defined in the agreement between the board and the city or county, or other authorized port or harbor agency, as provided in Sections 59-5-17 and 59-5-19.
The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing any issue of bonds, but except as may otherwise be provided in such resolution such sinking fund shall be a fund for the benefit of all bonds issued under such resolution, without distinction or priority of one over the other. Subject to the provisions of the resolution authorizing the issuance of the bonds, surplus moneys in the sinking fund may be applied to the purchase or redemption of any of such bonds, and any such bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.
Sources: Codes, 1942, § 7464-21; Laws, 1958, ch. 365, § 21; Laws, 1967, Ex. Sess. ch. 7, § 6, eff from and after passage (approved June 29, 1967).
§ 59-5-59. Allocation of revenues, rents and earnings to payment of bonds; sinking fund.
The net revenues, rents, and earnings derived from any planned development or the net revenues, rents, and earnings received by the board produced by a state port, harbor, or part thereof, for which bonds have been issued, shall be pledged and allocated by the board to the payment of the principal of and interest on the bonds issued for such planned development as the resolution authorizing the issuance of the bonds may provide, and such pledge may include funds received from one or more or all sources available to such planned development and shall be set aside at regular intervals into a sinking fund, which sinking fund shall be pledged to and charged with the payment of:
(a) The interest upon such bonds as such interest shall accrue.
(b) The principal of the bonds when due, or when declared to be due, as prescribed by the resolution authorizing the bonds.
(c) The necessary charges of the paying agent or paying agents for paying principal and interest of and on such bonds.
(d) Any premium on bonds retired by call or purchase as may be provided therein.
(e) Net revenues shall be defined in the agreement between the board and the city or county, or other authorized port or harbor agency, as provided in Sections 59-5-17 and 59-5-19.
The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing any issue of bonds, but except as may otherwise be provided in such resolution such sinking fund shall be a fund for the benefit of all bonds issued under such resolution, without distinction or priority of one over the other. Subject to the provisions of the resolution authorizing the issuance of the bonds, surplus moneys in the sinking fund may be applied to the purchase or redemption of any of such bonds, and any such bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.
Sources: Codes, 1942, § 7464-21; Laws, 1958, ch. 365, § 21; Laws, 1967, Ex. Sess. ch. 7, § 6, eff from and after passage (approved June 29, 1967).
