§ 47.10.804. Statement of general obligation -- Pledge of excise taxes
Bonds issued under RCW 47.10.801 shall distinctly state that they are a general obligation of the state of Washington, shall pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and shall contain an unconditional promise to pay such principal and interest as the same shall become due. The principal of and interest on such bonds shall be first payable in the manner provided in RCW 47.10.801 through 47.10.809 from the proceeds of the state excise taxes on motor vehicle and special fuels imposed by chapters 82.36 and 82.38 RCW. Proceeds of such excise taxes are hereby pledged to the payment of any bonds and the interest thereon issued under RCW 47.10.801 through 47.10.809, and the legislature hereby agrees to continue to impose these excise taxes on motor vehicle and special fuels in amounts sufficient to pay, when due, the principal and interest on all bonds issued under RCW 47.10.801 through 47.10.809.
[1995 c 274 § 7; 1981 c 316 § 4.]
Sections: Previous 47.10.797 47.10.798 47.10.799 47.10.800 47.10.801 47.10.802 47.10.803 47.10.804 47.10.805 47.10.806 47.10.807 47.10.808 47.10.809 47.10.811 47.10.812 NextLast modified: April 7, 2009