§ 15-2129. Financing.\n 1. After the cost of any improvement made or to be made under title 21\nof this article has been apportioned among the public corporations and\nparcels of real estate benefited as herein provided and after such\napportionment has been assessed upon such public corporations and\nparcels of real estate, the board may finance the cost of any such\nimprovement pursuant to the Local Finance Law. Any bonds issued for such\npurposes shall not be construed in any event as bonds or indebtedness of\nthe state, and the state shall not be obligated to pay the principal or\ninterest therefor. Such bonds shall be lawful investments for trustees\nand savings banks of the state and for any of the funds of the state\nwhich by law may be invested.\n 2. The board shall annually include in the installment of the\nassessment to be collected in that year a sum sufficient to provide for\nthe payment of the principal of and interest on obligations issued for\nsuch purposes and maturing in that year.\n 3. The proceeds of the sale of obligations issued for the purposes of\ntitle 21 of this article, together with all other revenues of the board\nfrom whatever source derived, shall be deposited in such national or\nstate bank or banks or trust company or trust companies at Albany or\nwithin the regulating district as are approved by the Comptroller and\nthe board, subject, however, to the provisions of section 165.00 of the\nLocal Finance Law. Before any such deposit is made the Comptroller shall\nrequire from any such bank or trust company security for repayment of\nthe same to such board or to the Comptroller upon demand for the money\nso deposited in the manner provided in section 106 of the State Finance\nLaw. All moneys received by the board under the provisions of title 21\nof this article, except from assessments levied to pay the cost of\nconstruction, shall constitute a fund to be known as the "general fund"\nof the district.\n 4. All moneys received from assessments levied to pay the cost of\nconstruction, together with such part of any surplus in the "general\nfund" as shall be determined by the board over and above the\nrequirements for the construction, maintenance and operation of the\nreservoir, including the amount raised for a reasonable return to the\nstate, shall constitute a separate fund, to be known as the "debt\nservice fund," the moneys in which shall be applied to the payment of\nprincipal of and interest on obligations issued for the purposes of\ntitle 21 of this article, except when the total cost of construction is\npaid without the issuance of obligations, in which case the moneys\napplicable thereto shall be paid into the "general fund." Any\ninstallment or installments of the assessment which shall become payable\nbefore any obligations have been issued, shall be paid by the\nComptroller into the "general fund" and applied to the payment of the\ncost of construction. The Comptroller is authorized and directed to pay\nfrom the "debt service fund" the principal of and interest on\nobligations issued for the purposes of title 21 of this article.\n 5. All moneys in said "debt service fund" shall be applied by the\nComptroller to the payment of the principal of and interest on such\nobligations, except as aforesaid, and to the purchase of the same in the\nopen market when possible and while awaiting such purchase such excess\nshall be invested or kept at interest in the same manner as sinking\nfunds of the state of like nature are invested. If any moneys remain in\nthe "debt service fund" after all outstanding obligations have been paid\nup and redeemed, such moneys shall be paid into the "general fund" and\nmay be used to pay the expenses of maintenance and operation and other\nexpenses.\n 6. The board may invest and reinvest any moneys of the "general fund"\nwhich are not required to be deposited in accordance with the provisions\nof section 165.00 of the Local Finance Law. Any such investment sha
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