§ 47.10.350. Construction in Grant, Franklin, Adams counties authorized -- Highway bond retirement fund
At least one year prior to the date any interest is due and payable on such bonds or before the maturity date of any bonds, the state finance committee shall estimate, subject to the provisions of RCW 47.10.340, the percentage of receipts in money of the motor vehicle fuels, resulting from collection of excise taxes on motor vehicle fuels, for each month of the year which will be required to meet interest or bond payments hereunder when due, and shall notify the state treasurer of such estimated requirement. The state treasurer shall thereafter from time to time each month as such funds are paid into the motor vehicle fund, transfer such percentage of the monthly receipts from excise taxes on motor vehicle fuels of the motor vehicle fund to the highway bond retirement fund, which is hereby established, and which fund shall be available solely for payment of such interest or bonds when due. If in any month it shall appear that the estimated percentage of money so made is insufficient to meet the requirements for interest or bond retirement, the treasurer shall notify the state finance committee forthwith and such committee shall adjust its estimates so that all requirements for interest and principal of all bonds issued shall be fully met at all times.
[1961 c 13 § 47.10.350. Prior: 1955 c 311 § 8.]
Sections: Previous 47.10.280 47.10.290 47.10.300 47.10.310 47.10.320 47.10.330 47.10.340 47.10.350 47.10.360 47.10.370 47.10.380 47.10.390 47.10.400 47.10.410 47.10.420 NextLast modified: April 7, 2009