(a) Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due.
(b) If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remaining in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited in the Petroleum Storage Tank Trust Fund as special revenues.
(c) The interest on the bonds shall be exempt from state, county, and municipal income, inheritance, and estate taxes.
Section: Previous 15-5-1202 15-5-1203 15-5-1204 15-5-1205 15-5-1206 15-5-1207 15-5-1208 15-5-1209 15-5-1210 NextLast modified: November 15, 2016