3752.00 | Deposit of Funds into Bond Account: Payment of Bonds

There shall be deposited into the applicable sub-account under the bond account no later than five (5) days of receipt:

  1. Bond tax receipts;
  2. Bond levy subsidy payments; and 
  3. Such other funds as the District shall designate as irrevocably available to pay principal and interest on the applicable bonds.

These deposits shall be amounts sufficient to meet the payments of principal and interest on bonds as the same mature, as provided in the applicable bond resolution. Non-bond levy revenues shall not be deposited into the bond account.

The District shall pay debt service on bonds from funds held in the bond account pursuant to the provisions of the applicable bond resolution, but nothing herein contained shall be construed to prevent the District form paying the interest on or the principal of bonds from any other funds in its hands and available for that purpose.