60-11-1107. Bond accounts -- appropriation. (1) There is a railroad rehabilitation account in the state special revenue fund provided for in 17-2-102. All bond proceeds shall be placed in the railroad rehabilitation account, and all money deposited in the account is continuously appropriated to the department and may be expended by the department for the purposes authorized in this part.
     (2) There is a railroad rehabilitation reserve debt service fund as provided for in 17-2-102. Loan repayments and required capital reserves shall be deposited in the railroad rehabilitation reserve debt service fund, and all money deposited in the debt service fund is continuously appropriated to the department and may be expended for the payment of principal and interest on the bonds as they become due.
     (3) If the department enters into a trust indenture pursuant to 60-11-1106, it may provide for the establishment of funds and accounts to be held by the trustee and may pledge and appropriate the bond proceeds, capital reserves, and loan payments to such funds and accounts notwithstanding the provisions of subsections (1) and (2).

     History: En. Sec. 7, Ch. 564, L. 1979; amd. Sec. 5, Ch. 486, L. 1981; amd. Sec. 27, Ch. 298, L. 1983.