17-1-204. Payment -- pledge of taxes and revenue -- costs of issuance.
216 words·~1 min read·
/mt/title-17/chapter-1/part-2/17-1-204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-1-204 . Payment -- pledge of taxes and revenue -- costs of issuance.
(1)The notes and interest on the notes must be paid from taxes and revenues not later than the end of the fiscal year in which issued.
(2)The full faith and credit and taxing power of the state are pledged for the payment of all notes issued under this part. In furtherance of this pledge, if there are insufficient funds in the general fund to pay the notes and interest on the notes when due, the department shall transfer available funds from any fund of the state, except pension trust funds, to the general fund to pay the notes and interest. The transfer is considered a loan to the general fund subject to the provisions of 17-2-105 .
(3)The department may pay all costs of issuance of notes issued under this part, including without limitation interest, rating agency fees, printing costs, legal fees, bank or trust company fees, costs to employ persons or firms to assist in the sale of the notes, line of credit fees and charges, and all other amounts related to the costs of issuing the notes. Payment of costs must be made from amounts available from the proceeds of the notes upon deposit in the general fund.