7-6-1111. Gross proceeds and short-term obligations -- security.
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7-6-1111 . Gross proceeds and short-term obligations -- security.
(1)Gross proceeds obligations are not general obligations of the local government and are collectible only from the collection of coal gross proceeds taxes, interest, and penalties pursuant to 15-23-708 .
(2)Short-term obligations are general obligations of the local government and must be secured by the taxes and revenues in anticipation of which the short-term obligations were issued and in such other manner as set forth in the ordinance authorizing their issuance.