§ 5293 - Application of funds; excess - Vermont Statutes

§ 5293. Application of funds; excess

Money or investments in any fund or account of the authority 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 authority to be paid, funded, or refunded and for which that fund or account was established or held. (Added 1999, No. 121 (Adj. Sess.), § 1.)