Any determination of a minimum amount of cash and investment reserves and the existence of excess funds available for transfer, grant, or use pursuant to subdivision 1-16A-15(7), shall be evidenced by a resolution of the authority. In establishing the minimum amount of cash and investment reserves the authority shall include in the minimum amount of cash and investment reserves:

(1) Any funds that the authority determines are necessary for any expected operating expenses of the authority; and

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) Any funds that are pledged to or otherwise reserved for payment of any amounts in respect of any issue of bonds or other obligations issued by the authority.

The authority may require further findings or procedures that the authority deems necessary or appropriate regarding the establishment of a minimum amount of cash and investment reserves.

Source: SL 2018, ch 8, § 2.