§ 4680 - -Application of funds; excess
§ 4680. -Application of funds; excess
Money or investments in any fund or account of the bank established or held for any bonds, notes, indebtedness or liability to be paid, funded or refunded by issuance of bonds or notes shall, unless the resolution authorizing the bonds or notes provides otherwise, be applied to the payment or retirement of the bonds, notes, indebtedness or liability, and to no other purpose. If in any fund or account there are any moneys in excess of the amount required for payment, funding or refunding, the moneys may be removed from that fund or account but only to the extent that the moneys or investments thereafter remaining in the fund or account are not less than the outstanding bonds, notes, indebtedness or liability of the bank to be paid, funded or refunded and for which that fund or account was established or held. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)