34.01.330 Sinking Funds; Duty of Fiscal Officer

The custodian of any sinking fund may not remit to the treasurer, or any other officer of the entity issuing the bonds any other moneys received for the purpose of paying the interest on or retiring the principal of bonds issued, but he shall retain the same in a separate special fund maintained as a sinking and interest fund for the bonds. The fiscal officer shall make quarterly reports to the Board of Directors of the issuing entity whose sinking fund he has in his possession, showing all collections and amounts added to each such fund, all payments made from such fund, and the net balance in each such fund from time to time. The fiscal officer shall keep the sinking funds on deposit in such public depository as may have furnished proper bond therefore and as may have been designated by the Tribal Council. When a sinking fund is so deposited, the fiscal officer is relieved of personal responsibility for its safekeeping.