US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 31
                           ANTICIPATION OF REVENUE
                             BY TAXING DISTRICTS
    63-3104.  CREATION OF FUND TO PAY BONDS OR NOTES AT MATURITY -- PAYMENT OF
BONDS OR NOTES. To provide for the payment of said revenue anticipation bonds
or notes at maturity, there shall be created by the resolution providing for
the issuance of said revenue anticipation bonds or notes a special fund to be
known as the "Revenue Anticipation Bond or Note Redemption Fund." Whenever any
revenue anticipation bonds or notes have been issued in anticipation of the
collection of taxes, or of state appropriated funds or other revenues, all
such moneys thereafter collected or received, the collection of which has been
so anticipated, shall be placed in the "Revenue Anticipation Bond or Note
Redemption Fund" until such time as the funds accumulated therein shall be
sufficient to pay all such revenue anticipation bonds or notes outstanding,
together with interest thereon at maturity, and the funds so accumulated in
the "Revenue Anticipation Bond or Note Redemption Fund" are hereby
appropriated and set apart for such purpose only, and shall be used for no
other purpose; provided, however, that nothing in this section shall be
construed to limit the payment of the principal of and interest on said
revenue anticipation bonds or notes solely to the taxes or other funds or
revenues, in anticipation of which said bonds or notes were issued, but such
bonds or notes shall be the direct and general obligation of the taxing
district.