The State Treasurer may accept custody of receipts and revenues derived from any special student fee, to deposit them in the applicable debt service fund and in the applicable bond reserve fund and to utilize the proceeds of the debt service fund and the bond reserve fund for the payment of the principal of and interest on bonds, as and when they become due and payable. It shall be the duty of the board to make provision for the transmission of the proceeds of each special student fee to the State Treasurer. Moneys in the debt service fund and the bond reserve fund may be invested and reinvested in obligations of the United States or any agency thereof with maturities consonant with the need for funds to meet the payment of the principal of and interest on the bonds.
HISTORY: 1978 Act No. 646, Section 5.
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