§ 47.26.423. Bonds -- Bond proceeds -- Deposit and use
The money arising from the sale of the first authorization bonds, series II bonds, and series III bonds shall be deposited in the state treasury to the credit of the urban arterial trust account in the motor vehicle fund, and such money shall be available only for the construction and improvement of county and city urban arterials, and for payment of the expense incurred in the printing, issuance, and sale of any such bonds. The costs of obtaining insurance, letters of credit, or other credit enhancement devices with respect to the bonds shall be considered to be expenses incurred in the issuance and sale of the bonds.
[1986 c 290 § 5; 1981 c 315 § 8; 1979 c 5 § 6; 1967 ex.s. c 83 § 48.]
Notes:
Effective date -- 1981 c 315: See note following RCW 47.26.080.
Construction -- 1979 c 5: See note following RCW 47.26.420.
Sections: Previous 47.26.404 47.26.405 47.26.406 47.26.407 47.26.420 47.26.421 47.26.422 47.26.423 47.26.424 47.26.425 47.26.4252 47.26.4254 47.26.4255 47.26.426 47.26.427 Next
Last modified: April 7, 2009