§ 14-316-204 - Remission of funds for paying bonded indebtedness and interest.
14-316-204. Remission of funds for paying bonded indebtedness and interest.
(a) When directed by the State Highway Commission, the commissioners of road districts referred to in 14-316-203 shall remit all funds on hand from any and all sources, or so much thereof as may be necessary, to the bank or trust company named as payee in the deed of trust securing the bonds of the district, for the purpose of paying the bonds and interest as they mature, to the extent of the funds. However, the districts may retain sufficient amounts of the funds on hand to take care of existing contracts.
(b) In making the allotment provided for in section 3 of Act No. 11, approved February 4, 1927, [superseded], the commission shall only allot to the districts referred to in 14-316-203 having funds on hand in an amount which, when added to the funds, will be sufficient to meet the maturing bonds and interest of the district, with the paying charge on that amount.