§ 46-25-60 Reserve funds andappropriations. – To assure the continued operation and solvency of the commission for thecarrying out of its corporate purposes:
(1) The commission may create and establish one or morespecial funds (herein referred to as "capital reserve funds" ), and may payinto each capital reserve fund:
(i) Proceeds from the sale of revenue notes or revenue bonds,to the extent provided in the resolution or resolutions of the commissionauthorizing the issuance thereof; and
(ii) Any other money that may be made available to thecommission for the purpose of the fund from any other source. All money held ina capital reserve fund, except as hereinafter provided, shall be used solelyfor the payment of the principal of revenue bonds secured in whole or in partby the fund or of the sinking fund payments hereinafter mentioned with respectto the revenue bonds, the purchase or redemption of the revenue bonds, thepayment of interest on the revenue bonds, or the payment of any redemptionpremium required to be paid when the revenue bonds are redeemed prior tomaturity, provided, that money in the fund shall not be withdrawn therefrom,except for the purpose of making (with respect to revenue bonds secured inwhole or in part by the fund) payment when due of principal, interest,redemption premiums, and the sinking fund payments hereinafter mentioned, forthe payment of which other money of the commission are not available, if thewithdrawal would reduce the amount of the fund to less than the minimum capitalreserve requirement established for the fund as hereinafter provided. Anyincome or interest earned by, or incremental to, any capital reserve fundbecause of the investment of the funds thereof, may be transferred by thecommission to other funds or accounts of the commission if the transfer wouldnot reduce the amount of the capital reserve fund below the minimum capitalreserve fund requirement for such fund.
(2) The commission shall not at any time issue revenue bondssecured in whole or in part by a capital reserve fund if, upon the issuance ofthe revenue bonds, the amount of the capital reserve fund would be less thanthe minimum capital reserve required for the fund, unless the commission, atthe time of issuance of the revenue bonds, shall deposit in the fund from theproceeds of the revenue bonds so to be issued, or from other sources, an amountthat, together with the amount then in the fund, is not less than the minimumcapital reserve fund requirement for the fund. For the purpose of this section,the term "minimum capital reserve fund requirement" shall mean, as of anyparticular date of computation, an amount of money, as provided in theresolution or resolutions of the commission authorizing the revenue bonds orrevenue notes with respect to which the fund is established, equal to not morethan the greatest of the respective amounts, for the current or any futurefiscal year of the commission, of annual debt service on the revenue bonds ofthe commission secured in whole or in part by the fund, the annual debt servicefor any fiscal year being the amount of money equal to the sum of:
(i) The interest payable during the fiscal year on allrevenue bonds secured in whole or in part by the fund outstanding on the dateof computation; plus
(ii) The principal amount of all the revenue bonds andrevenue bond anticipation notes outstanding on the date of computation thatmature during the fiscal year; plus
(iii) All amounts specified in any resolution of thecommission authorizing the revenue bonds as payable during the fiscal year as asinking fund payment with respect to any of the revenue bonds that mature afterthe fiscal year, all calculated on the assumption that the revenue bonds willafter the date of computation, cease to be outstanding by reason, but only byreason, of the payment of revenue bonds when due and application in accordancewith the resolution authorizing those revenue bonds of all of the sinking fundpayments payable at or after the date of computation.
(3) In computing the amount of the capital reserve funds forthe purpose of this section, securities in which all or a portion of the fundsshall be invested, shall be valued as provided in the proceedings under whichthe revenue bonds are authorized, but in no event shall be valued at a valuegreater than par.
(4) The commission may create and establish such other fundor funds as may be necessary or desirable for its purposes, including, but notlimited to, providing for an insurance reserve fund and a replacement reservefund.
(5) The commission may by resolution permit the issuance ofrevenue bonds and notes to carry out the purposes of this chapter withoutestablishing a capital reserve fund pursuant to this section and withoutcomplying with the limitations set forth in this section. Revenue bonds andnotes issued pursuant to this subsection may be secured by such other funds ormethods as the commission may in its discretion determine by resolution.
§ 46-25-60 Reserve funds andappropriations. – To assure the continued operation and solvency of the commission for thecarrying out of its corporate purposes:
(1) The commission may create and establish one or morespecial funds (herein referred to as "capital reserve funds" ), and may payinto each capital reserve fund:
(i) Proceeds from the sale of revenue notes or revenue bonds,to the extent provided in the resolution or resolutions of the commissionauthorizing the issuance thereof; and
(ii) Any other money that may be made available to thecommission for the purpose of the fund from any other source. All money held ina capital reserve fund, except as hereinafter provided, shall be used solelyfor the payment of the principal of revenue bonds secured in whole or in partby the fund or of the sinking fund payments hereinafter mentioned with respectto the revenue bonds, the purchase or redemption of the revenue bonds, thepayment of interest on the revenue bonds, or the payment of any redemptionpremium required to be paid when the revenue bonds are redeemed prior tomaturity, provided, that money in the fund shall not be withdrawn therefrom,except for the purpose of making (with respect to revenue bonds secured inwhole or in part by the fund) payment when due of principal, interest,redemption premiums, and the sinking fund payments hereinafter mentioned, forthe payment of which other money of the commission are not available, if thewithdrawal would reduce the amount of the fund to less than the minimum capitalreserve requirement established for the fund as hereinafter provided. Anyincome or interest earned by, or incremental to, any capital reserve fundbecause of the investment of the funds thereof, may be transferred by thecommission to other funds or accounts of the commission if the transfer wouldnot reduce the amount of the capital reserve fund below the minimum capitalreserve fund requirement for such fund.
(2) The commission shall not at any time issue revenue bondssecured in whole or in part by a capital reserve fund if, upon the issuance ofthe revenue bonds, the amount of the capital reserve fund would be less thanthe minimum capital reserve required for the fund, unless the commission, atthe time of issuance of the revenue bonds, shall deposit in the fund from theproceeds of the revenue bonds so to be issued, or from other sources, an amountthat, together with the amount then in the fund, is not less than the minimumcapital reserve fund requirement for the fund. For the purpose of this section,the term "minimum capital reserve fund requirement" shall mean, as of anyparticular date of computation, an amount of money, as provided in theresolution or resolutions of the commission authorizing the revenue bonds orrevenue notes with respect to which the fund is established, equal to not morethan the greatest of the respective amounts, for the current or any futurefiscal year of the commission, of annual debt service on the revenue bonds ofthe commission secured in whole or in part by the fund, the annual debt servicefor any fiscal year being the amount of money equal to the sum of:
(i) The interest payable during the fiscal year on allrevenue bonds secured in whole or in part by the fund outstanding on the dateof computation; plus
(ii) The principal amount of all the revenue bonds andrevenue bond anticipation notes outstanding on the date of computation thatmature during the fiscal year; plus
(iii) All amounts specified in any resolution of thecommission authorizing the revenue bonds as payable during the fiscal year as asinking fund payment with respect to any of the revenue bonds that mature afterthe fiscal year, all calculated on the assumption that the revenue bonds willafter the date of computation, cease to be outstanding by reason, but only byreason, of the payment of revenue bonds when due and application in accordancewith the resolution authorizing those revenue bonds of all of the sinking fundpayments payable at or after the date of computation.
(3) In computing the amount of the capital reserve funds forthe purpose of this section, securities in which all or a portion of the fundsshall be invested, shall be valued as provided in the proceedings under whichthe revenue bonds are authorized, but in no event shall be valued at a valuegreater than par.
(4) The commission may create and establish such other fundor funds as may be necessary or desirable for its purposes, including, but notlimited to, providing for an insurance reserve fund and a replacement reservefund.
(5) The commission may by resolution permit the issuance ofrevenue bonds and notes to carry out the purposes of this chapter withoutestablishing a capital reserve fund pursuant to this section and withoutcomplying with the limitations set forth in this section. Revenue bonds andnotes issued pursuant to this subsection may be secured by such other funds ormethods as the commission may in its discretion determine by resolution.
§ 46-25-60 Reserve funds andappropriations. – To assure the continued operation and solvency of the commission for thecarrying out of its corporate purposes:
(1) The commission may create and establish one or morespecial funds (herein referred to as "capital reserve funds" ), and may payinto each capital reserve fund:
(i) Proceeds from the sale of revenue notes or revenue bonds,to the extent provided in the resolution or resolutions of the commissionauthorizing the issuance thereof; and
(ii) Any other money that may be made available to thecommission for the purpose of the fund from any other source. All money held ina capital reserve fund, except as hereinafter provided, shall be used solelyfor the payment of the principal of revenue bonds secured in whole or in partby the fund or of the sinking fund payments hereinafter mentioned with respectto the revenue bonds, the purchase or redemption of the revenue bonds, thepayment of interest on the revenue bonds, or the payment of any redemptionpremium required to be paid when the revenue bonds are redeemed prior tomaturity, provided, that money in the fund shall not be withdrawn therefrom,except for the purpose of making (with respect to revenue bonds secured inwhole or in part by the fund) payment when due of principal, interest,redemption premiums, and the sinking fund payments hereinafter mentioned, forthe payment of which other money of the commission are not available, if thewithdrawal would reduce the amount of the fund to less than the minimum capitalreserve requirement established for the fund as hereinafter provided. Anyincome or interest earned by, or incremental to, any capital reserve fundbecause of the investment of the funds thereof, may be transferred by thecommission to other funds or accounts of the commission if the transfer wouldnot reduce the amount of the capital reserve fund below the minimum capitalreserve fund requirement for such fund.
(2) The commission shall not at any time issue revenue bondssecured in whole or in part by a capital reserve fund if, upon the issuance ofthe revenue bonds, the amount of the capital reserve fund would be less thanthe minimum capital reserve required for the fund, unless the commission, atthe time of issuance of the revenue bonds, shall deposit in the fund from theproceeds of the revenue bonds so to be issued, or from other sources, an amountthat, together with the amount then in the fund, is not less than the minimumcapital reserve fund requirement for the fund. For the purpose of this section,the term "minimum capital reserve fund requirement" shall mean, as of anyparticular date of computation, an amount of money, as provided in theresolution or resolutions of the commission authorizing the revenue bonds orrevenue notes with respect to which the fund is established, equal to not morethan the greatest of the respective amounts, for the current or any futurefiscal year of the commission, of annual debt service on the revenue bonds ofthe commission secured in whole or in part by the fund, the annual debt servicefor any fiscal year being the amount of money equal to the sum of:
(i) The interest payable during the fiscal year on allrevenue bonds secured in whole or in part by the fund outstanding on the dateof computation; plus
(ii) The principal amount of all the revenue bonds andrevenue bond anticipation notes outstanding on the date of computation thatmature during the fiscal year; plus
(iii) All amounts specified in any resolution of thecommission authorizing the revenue bonds as payable during the fiscal year as asinking fund payment with respect to any of the revenue bonds that mature afterthe fiscal year, all calculated on the assumption that the revenue bonds willafter the date of computation, cease to be outstanding by reason, but only byreason, of the payment of revenue bonds when due and application in accordancewith the resolution authorizing those revenue bonds of all of the sinking fundpayments payable at or after the date of computation.
(3) In computing the amount of the capital reserve funds forthe purpose of this section, securities in which all or a portion of the fundsshall be invested, shall be valued as provided in the proceedings under whichthe revenue bonds are authorized, but in no event shall be valued at a valuegreater than par.
(4) The commission may create and establish such other fundor funds as may be necessary or desirable for its purposes, including, but notlimited to, providing for an insurance reserve fund and a replacement reservefund.
(5) The commission may by resolution permit the issuance ofrevenue bonds and notes to carry out the purposes of this chapter withoutestablishing a capital reserve fund pursuant to this section and withoutcomplying with the limitations set forth in this section. Revenue bonds andnotes issued pursuant to this subsection may be secured by such other funds ormethods as the commission may in its discretion determine by resolution.
