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the credit of a fund for the payment of the interest on and the | | principal of bonds issued under this chapter as the principal | | becomes due and the redemption price or purchase price of bonds | | retired by call or purchase. The use and disposition of money to | | the credit of the fund is subject to such regulations as may be | | provided in the resolution authorizing the issuance of the bonds or | | in the trust agreement securing the bonds and, except as may | | otherwise be provided in the resolution or trust agreement, the | | fund is a fund for the benefit of all bonds without distinction or | | priority of one over another. |
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| | | 5. Notwithstanding any other provision of law, all money | | received pursuant to the authority provided under this Act is | | deemed to be trust funds, to be held and applied solely as | | provided in this Act. The resolution authorizing the issuance of | | bonds or the trust agreement securing the bonds must provide that | | any officer to whom, or bank, trust company or other fiscal agent | | to which, the money is paid acts as trustee of the money and | | shall hold and apply the same for the purposes of this Act, | | subject to such regulations as may be provided in the resolution | | or trust agreement or as may be required under this Act. |
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| | | 6. A holder of bonds issued under this Act or of any of the | | coupons appertaining to the bonds or a corporate trustee under | | any trust agreement, except to the extent the rights given may be | | restricted by the resolution authorizing the issuance of those | | bonds or trust agreement, may, either at law or in equity, by | | suit, action, mandamus or other proceeding, including proceedings | | for the appointment of a receiver to take possession and control | | of the properties of the district, protect and enforce any and | | all rights under the laws of the State or granted under this Act | | or under the resolution or trust agreement. The holder of bonds | | and the trustee under any trust agreement may enforce and compel | | the performance of any duty required by this Act or by the | | resolution or trust agreement to be performed by the district or | | by any officer of the district, including the fixing, charging | | and collecting of rates, fees and charges for the use of or for | | the services and facilities furnished by the district. |
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| | | 7. The board of trustees by resolution, without district | | vote, may issue refunding bonds for the purpose of paying any of | | its bonds at maturity or upon acceleration or redemption. The | | refunding bonds may be issued at such time prior to the maturity | | or redemption of the refunded bonds as the board of trustees | | determines to be in the public interest. The refunding bonds may | | be issued in sufficient amounts to pay or provide the principal | | of the bonds being refunded, together with any redemption premium | | on the bonds, any interest accrued or to accrue to the date of | | payment of those bonds, the expenses of issue of the refunding |
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