55-7-31 - Disposition of revenues of commission.
§ 55-7-31. Disposition of revenues of commission.
All revenues, income and moneys received by the bridge and park commission shall be deposited in the depository or depositories which shall be selected by the governing authorities of the municipality or county, in the same manner as depositories are selected for said municipality or county, and shall at all times be secured in the manner provided by law for the securing of deposits of municipalities or counties. Any such depository shall hold such funds in an account in all respects separate and distinct from the accounts in which the other funds of the municipality or county are held, and separate and distinct from all other accounts. In the event that bonds should be issued, as hereinafter provided in this chapter, payable from the income of the commission, then such depository shall hold, manage and account for the funds of the commission in accordance with any resolution authorizing such bonds adopted by the bridge and park commission.
Sources: Codes, 1942, § 5974-05; Laws, 1960, ch. 434, § 5, eff from and after passage (approved May 3, 1960).