39-2216. Legislature; holders of bonds; pledges not to repeal, diminish, or apply funds for other uses.
142 words·~1 min read·
/ne/chapter-39/39-2216A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Legislature hereby irrevocably pledges and agrees with the holders of the bonds issued under the Nebraska Highway Bond Act that so long as such bonds remain outstanding and unpaid it shall not repeal, diminish, or apply to any other purposes the motor vehicle fuel taxes, diesel fuel taxes, compressed fuel taxes, and alternative fuel fees related to highway use, motor vehicle registration fees, and such other highway-user taxes which may be imposed by state law and allocated to the fund, the State Highway Capital Improvement Fund, or the bond fund, as the case may be, if to do so would result in fifty percent of the amount deposited in the fund, the State Highway Capital Improvement Fund, or the bond fund in each year being less than the amount equal to the maximum annual principal and interest requirements of such bonds.