28-7682. Highway project advancement notes; pledge of excise taxes
A. After entering into a highway project advance agreement that has been previously approved by the governing body of the political subdivision and by the transportation board, a political subdivision may issue and sell highway project advancement notes either competitively or by negotiation.
B. The principal, premium, if any, and interest on the highway project advancement notes shall be paid solely from either of the following:
1. Highway project advance revenues.
2. If provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, other monies lawfully available for application to that purpose, including proceeds from the sale of other obligations of the political subdivision or excise taxes of the political subdivision.
C. A political subdivision may pledge its excise taxes to the repayment of principal, premium, if any, and interest on highway project advancement notes.
Section: Previous 28-7673 28-7674 28-7675 28-7676 28-7677 28-7678 28-7681 28-7682 28-7683 28-7684 28-7685 28-7686 28-7687 28-7691 28-7692 NextLast modified: October 13, 2016