9-532. Utility receipts and bond proceeds; handling and disposition
A. All proceeds received from sale of the bonds, all fees, rents, tolls or other charges received by the municipality from a utility undertaking financed by the bonds, and all monies received from any source in connection therewith shall be paid to the finance officer of the municipality designated by the governing body thereof for such purposes. The finance officer shall not commingle any money received under the terms of this article with any other monies, but the monies received shall be deposited in a separate bank account in the name of the municipality.
B. The governing body may by resolution provide that all deposits of such proceeds, fees, rents, tolls or other charges, and the monies received under the terms of this article shall be secured by obligations of the United States or of this state of a market value equal at all times to the amount of the deposits provided by this article, and all banks and trust companies are authorized to give such security for the deposits.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
