§ 6-20-2611 - Payment of debt service on the bonds.
6-20-2611. Payment of debt service on the bonds.
(a) (1) On or before the commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the bonds issued under this subchapter during the fiscal year to determine what amount of general revenues of the state will be required.
(2) The Chief Fiscal Officer of the State shall certify the estimated amount to the Treasurer of State.
(3) The Treasurer of State shall then make monthly transfers from the State Apportionment Fund to the School Academic Facilities Financing Act of 2007 Bond Fund of the amount of general revenues of the state required to pay the maturing debt service on bonds issued under this subchapter.
(b) (1) The obligation to make monthly transfers of general revenues of the state from the State Apportionment Fund to the School Academic Facilities Financing Act of 2007 Bond Fund shall constitute a first charge against the general revenues of the state prior to all other uses to which the general revenues of the state are devoted, either under present law or under any laws that may be enacted in the future.
(2) However, to the extent other general obligation bonds of the state have been issued or may subsequently be issued, all general obligation bonds shall rank on a parity of security with respect to payment from general revenues of the state.
(c) Moneys credited to the School Academic Facilities Financing Act of 2007 Bond Fund shall be used only to pay debt service on the bonds, either at maturity or upon redemption prior to maturity and for such purposes the Treasurer of State is designated Disbursing Officer to administer such funds in accordance with this subchapter.
(d) Moneys in the School Academic Facilities Financing Act of 2007 Bond Fund over and above the amount necessary to insure the prompt payment of debt service on the bonds and the establishment and maintenance of a reserve fund, if any, may be used for the redemption of bonds prior to maturity under the provisions pertaining to redemption prior to maturity, as set forth in the resolution or trust indenture authorizing or securing the bonds.