§ 10-329. Sinking fund -- Nature and application

Latest version.

   A sinking fund:

   (1) may be held:

      (i) for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond;

      (ii) for a particular project and for the bonds issued for that project;

      (iii) for bonds having a lien subordinate to the lien securing other bonds; and

   (2) shall be subject to the trust agreement.

HISTORY: An. Code 1957, art. 43C, § 14; 2008, ch. 306, § 2.

                    
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