§ 22-109. Performance of acts required

   To ensure the prompt payment of interest and provision for the payment of the principal on bonds issued under this subtitle:

   (1) the prompt and proper performance of the acts required under § 22-106 and 22-108 of this subtitle is specially enjoined; and

   (2) a person who is required to act under § 22-106 and 22-108 of this subtitle:

      (i) shall perform the acts required under those sections;

      (ii) shall pay over any funds as required under those sections; and

      (iii) may not use any part of the funds for any other purpose than for the payment of principal and interest on the bonds.

HISTORY: An. Code 1957, art. 29, § 4-105(c); 2010, ch. 37, § 3.