Sec. 8. The principal and interest of the bonds for a project, when sold, are a primary, fixed charge against the net income of the project being constructed and erected. The net income must be applied by the board of trustees in payment of the principal and interest of the bonds as the principal and interest become due until full and final payment of all of the bonds and interest is made.

[Pre-2007 Higher Education Recodification Citation: 20-12-53-1(a) part.]

As added by P.L.2-2007, SEC.276. Amended by P.L.3-2008, SEC.141.