LEG00050

• Bill Number: SB03-236
• Year: 2003
• Title: Water Board Revenue Bonds
• Legislation - Doc Type: Other CWCB Related Bills - Passed

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BE LIABLE PERSONALLY ON THE BONDS OR BE SUBJECT TO ANY PERSONAL
LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF.
37-60-206. Bond proceeds and revenues and receipts from
approved water infrastructure projects - water infrastructure
development fnnd. (I) THE RESOLUTION OR OTHER INSTRUMENT
AUTHORIZING THE ISSUANCE OF REVENUE BONDS MAY PLEDGE ALL OR ANY
PORTION OF THE PROCEEDS FROM THE ISSUANCE OF THE BONDS TO THE
PAYMENT OF THE BONDS AND ANY COSTS ASSOCIATED WITH THE ISSUANCE
AND ADMINISTRATION OF THE BONDS.
(2) ALL PROCEEDS FROM THE ISSUANCE OF BONDS THAT ARE NOT
PLEDGED FOR THE PAYMENT OF THE BONDS AND ANY COSTS ASSOCIATED
WITH THE ISSUANCE AND ADMINISTRATION OF THE BONDS, ANY REVENUES
AND RECEIPTS THAT ARE DERlVED FROM THE SALE OF WATER, POWER, OR
OTHER ASSETS BY THE BOARD FROM WATER INFRASTRUCTURE PROJECTS
FINANCED BY THE BONDS, AND ANY PAYMENTS MADE OR REVENUES
PLEDGED TO THE BOARD BY ANY POLITICAL SUBDIVISION PURSUANT TO
SECTION 37-60-207 SHALL BE CREDITED TO THE WATER INFRASTRUCTURE
DEVELOPMENT FUND, WHICH FUND IS HEREBY CREATED IN THE STATE
TREASURY. ALL INTEREST AND INCOME EARNED ON THE DEPOSIT AND
INVESTMENT OF MONEYS IN THE FUND SHALL BE CREDITED TO THE FUND
AND BECOME A PART THEREOF, AND MONEYS REMAINING IN THE FUND AT
THE END OF ANY FISCAL YEAR SHALL REMAIN IN THE FUND AND SHALL NOT
REVERT TO THE GENERAL FUND OF THE STATE OR TO ANY OTHER FUND.
ALL MONEYS IN THE FUND SHALL BE CONTINUOUSL Y APPROPRIATED TO
THE BOARD AND SHALL BE USED TO FINANCE APPROVED WATER
INFRASTRUCTURE PROJECTS, TO PAY ANY UNPLEDGED COSTS OF ISSUING
AND ADMINISTERING BONDS, INCLUDING REIMBURSEMENT OF COSTS

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SB03-236