Section 10-329 - Sinking fund - Nature and application.
§ 10-329. Sinking fund - Nature and application.
A sinking fund:
(1) may be held:
(i) for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond;
(ii) for a particular project and for the bonds issued for that project;
(iii) for bonds having a lien subordinate to the lien securing other bonds; and
(2) shall be subject to the trust agreement.
[An. Code 1957, art. 43C, § 14; 2008, ch. 306, § 2.]