§ 5287 - Relation to bond sales
§ 5287. Relation to bond sales
Notwithstanding any other provision of this chapter, bonds shall not be issued by the authority unless there is in the reserve fund the required debt service reserve for all bonds then issued and outstanding and the bonds to be issued, provided, however, that the authority may satisfy this requirement by depositing so much of the proceeds of the bonds to be issued, upon their issuance, as is needed to achieve the required debt service reserve. The authority may at any time issue its bonds or notes for the purpose of increasing the amount in the reserve fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the authority with respect to the fund. (Added 1999, No. 121 (Adj. Sess.), § 1.)