§ 21-420. Payment of bonds

Latest version.

   (a) In general. -- Bonds are payable from the special fund required under § 21-412 of this subtitle.

(b) Sinking fund. -- The governing body of a municipality that issues bonds under this part may:

   (1) establish a sinking fund;

   (2) establish a debt service reserve fund;

   (3) pledge other assets and revenues toward the payment of the principal of and interest on the bonds; or

   (4) provide for municipal bond insurance or any other financial guaranty of the bonds.

HISTORY: An. Code 1957, art. 23A, § 44A(d)(1), (2); 2013, ch. 119, § 2.

                    
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