§ 2-458. Pledge of revenues.

The revenues, rents and earnings derived from any particular project or projects and any and all revenues, rents and earnings received by the authority, regardless of whether or not such revenues, rents, and earnings were produced by a particular project for which bonds have been issued, may be pledged by the authority to the payment of the principal of and interest on revenue bonds of the authority as may be provided in any resolution authorizing the issuance of such bonds or in any trust instrument pertaining to such bonds, and such funds so pledged, from whatever source received, may include funds received from one or more or all sources and may be set aside at regular intervals into sinking funds for which provision may be made in any such resolution or trust instrument, which sinking funds may be pledged to and charged with the payment of:

(1)

The interest upon such revenue bonds as such interest shall become due;

(2)

The principal of the bonds as the same shall mature;

(3)

The necessary charges of any trustee or paying agent or registrar for such bonds; and

(4)

Any premium upon bonds retired upon call or purchase;

and the use and disposition of any sinking fund may be subject to such regulations as may be provided for in the resolution authorizing the issuance of the bonds or in the trust instrument securing the payment of the same.

(1970 Ga. Laws (Act No. 786), page 2126, § 13)