Any net income to the authority shall be used to create a reserve fund for payment of repairs, capital improvements in such amount as shall be approved by the Secretary of the Office of Policy and Management, and outstanding bonds and interest thereon due and payable in the succeeding fiscal year. The reserve fund may be used by the authority to carry out the purposes of this chapter.
Terms Used In Connecticut General Statutes 22-75
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- succeeding: when used by way of reference to any section or sections, mean the section or sections next preceding, next following or next succeeding, unless some other section is expressly designated in such reference. See Connecticut General Statutes 1-1