§ 5289 - General fund
§ 5289. General fund
(a) The authority shall establish and maintain a general fund in which there shall be deposited:
(1) fees received or charges made by the authority for use of its services or facilities;
(2) any moneys which the authority shall transfer thereto from the reserve fund pursuant to section 5284 of this title;
(3) moneys received by the authority as payments under any financing agreement or investment obligations of the authority, or received as proceeds of sale of bonds or notes of the authority, and required under the terms of any resolution of the authority or contract with the holders of its bonds or notes to be deposited therein;
(4) any moneys required under the term of any resolution of the authority or contract with the holders of its bonds or notes to be deposited therein; and
(5) any moneys transferred thereto from any other fund or made available for the purpose of the fund by the state or for the operating expenses of the authority, provided, however, that no such deposit or transfer shall be required if such action would impair in any way any contracts between the authority and its bondholders or noteholders.
(b) Any moneys in the general fund may, subject to any contracts between the authority and its bondholders or noteholders, be transferred to the reserve fund established pursuant to section 5284 of this title, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the authority presently outstanding and any bonds or notes of the authority presently outstanding, and any bonds or notes on a parity therewith, and any bonds or notes issued to refund such bonds or notes, all when they become due and payable, whether at maturity or upon redemption, including payment of any premium upon redemption prior to maturity, and any moneys in the general fund may be used for all other purposes of the authority including payment of its operating expenses. (Added 1999, No. 121 (Adj. Sess.), § 1.)