35-466.04. Application of grant revenues; principal and interest redemption fund; payment of notes
Upon the issuance of any grant anticipation notes, all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected and paid into a special fund to be known as the grant anticipation note principal and interest redemption fund until such time as monies in the fund are sufficient to pay all principal and interest on the notes when due, or redeemed prior to maturity. All monies in the special fund shall be used to pay principal and interest on the grant anticipation notes and shall be used for no other purpose so long as the notes are outstanding. Any law to the contrary notwithstanding, this article shall be full authority for the payment when due, or for redemption in advance of maturity, if the notes so provide, of all principal and interest and redemption premiums on the notes from the monies in the special fund.
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