§ 20-4-105. GENERAL AND OPERATING FUND; PAYMENT OF BOND DEBT SERVICE.

(a)

The payment of principal of and interest on bonds shall be made directly from appropriations made from the general and operating fund established with respect to the metropolitan district, and there shall be no requirement that the county establish or maintain a separate sinking fund for the payment of bonds or the interest thereon or that particular sources of revenue of the metropolitan district be accumulated and held for the exclusive purpose of payment of bonds or the interest thereon.

(b)

The provisions of subsection (a) of this section shall not limit any contractual or similar obligations to third parties binding on the county with respect to the establishment, maintenance, or funding of a sinking fund with respect to metropolitan district bonds. The foregoing shall not be construed to be an acknowledgment by the county that any such obligations to third parties exist with respect to bonds issued or charges or assessments levied or collected prior to the enactment of subsection (a).

(1988 Code, § 35-255) (Bill No. 126, § 2, 9-28-1990; Bill No. 30-03, § 1, 7-1-2004)