§ 47.26.504. Statement of obligation -- Pledge of excise taxes
Bonds issued under the provisions of RCW 47.26.500 through 47.26.507 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 and interest on such bonds shall be first payable in the manner provided in RCW 47.26.500 through 47.26.507 from the proceeds of state excise taxes on motor vehicle and special fuels imposed by chapters 82.36 and 82.38 RCW. The proceeds of such excise taxes are hereby pledged to the payment of any such bonds and the interest thereon, and the legislature hereby agrees to continue to impose the same excise taxes on motor vehicle and special fuels in amounts sufficient to pay, when due, the principal and interest on all such bonds.
[1995 c 274 § 14; 1993 c 440 § 5.]
Sections: Previous 47.26.427 47.26.440 47.26.450 47.26.460 47.26.500 47.26.501 47.26.502 47.26.503 47.26.504 47.26.505 47.26.506 47.26.507 47.26.900 47.26.910 47.26.930 NextLast modified: April 7, 2009