Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-8.6

§ 35-8.1-8.6. Transfer to governmental body.

When all bonds issued under the provisions of the chapter for each specific project and the interest thereon shall have been paid or a sufficient amount for the payment of all the bonds and the interest thereon to the maturity thereof shall have been set aside in trust for the benefit of the bondholders, that specific project financed under the provisions of this chapter may be transferred to the governmental body leasing the project on such terms and conditions and for such consideration as the authority shall determine. If the authority shall be dissolved all funds of the authority not required for the payment of bonds shall be paid to the general treasurer for the use of the state and all property belonging to the authority shall be vested in the state and delivered to it.

History of Section.
(P.L. 1997, ch. 30, art. 2, § 5.)