34.01.340 Sinking Fund; Sources and Uses

The sinking fund must be disbursed by the fiscal officer or treasurer of the issuing entity, as the case may be, upon the directions therefore by resolution of the governing body of the Tribal entity issuing such bonds. As such bonds mature, the fiscal officer, upon warrant drawn upon him by the Tribal Council, shall apply such sinking fund in retirement thereof, and also in payment of the interest thereon as it becomes payable. The Tribal Council shall draw such warrants so as to pay the interest and retire the bonds at as early a date as possible. The fiscal officer or treasurer of the Tribal entity may not disburse any of such fund contrary to the provisions of this Bond Code, even though so directed by such governing body. The fiscal officer or treasurer of the issuing entity may disburse such fund for the purpose of paying the principal and interest, or cither, of the bonds for which such fund was created without any authorization therefore by the governing body.

The sinking fund of each bond issue must be kept separate and must be designated by a name indicative of the issue of bonds on account of which it was created. The sources of such fund must be:

(a) All moneys accruing to the borrowed money fund which at any stage are not needed for the purpose for which the money was borrowed, and any moneys becoming applicable to the sinking fund must be transmitted by the fiscal officer of the Tribal entity to the Tribal Council.

(b) All moneys raised by taxation or received from other sources for the purpose of paying said bond.

(c) Moneys derived from licenses or other sources, the expenditure of which is not otherwise provided for by law, as the Tribal Council may elect to place in the sinking fund.

(d) The premium, if any, for which the bonds have been sold over and above the par value and accrued interest.