28-7684. Application of revenues; highway project advancement notes fund; payment of notes
A. After issuance of highway project advancement notes, revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and, as provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, shall be either:
1. Paid into a special fund to be known as the highway project advancement notes fund.
2. Applied to reimburse the political subdivision for monies previously advanced to the department under the highway project advance agreement to which the highway project advancement notes relate.
B. If any highway project advancement notes are outstanding, the political subdivision shall only use the monies paid into the highway project advancement notes fund for those highway project advancement notes to pay principal, interest and premium, if any, on those highway project advancement notes.
C. Notwithstanding any other law, if the highway project advancement notes provide for such payment, this article authorizes the payment from the monies in the highway project advancement notes fund, when due or on redemption in advance of maturity, of all principal, interest and redemption premiums on the notes.
Section: Previous 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 28-7693 28-7694 NextLast modified: October 13, 2016