63B-5-108 - Creation of sinking fund.
63B-5-108. Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the"1996 General Obligation Bonds Sinking Fund."
(2) All money deposited in the sinking fund, from whatever source, shall be used to paydebt service on the bonds.
(3) The proceeds of all taxes levied under this chapter are appropriated to this fund.
(4) The state treasurer may create separate accounts within the sinking fund for eachseries of bonds issued.
Enacted by Chapter 335, 1996 General Session