§39-11  Bonds tax exempt; first
charge on general fund.  All bonds issued pursuant to this part and the
income therefrom shall be exempt from all taxation by the State or any county
or other political subdivision thereof, except inheritance, transfer, and
estate taxes.  Interest and principal payments of the bonds shall be a first
charge on the general fund of the State.  The full faith and credit of the
State shall be and they are hereby pledged to the punctual payment of the
principal thereof, and interest thereon, as the same shall become due,
irrespective of whether or not the pledge be stated in the bonds, and
sufficient revenues shall be raised or provided from time to time for the
purpose of payment. [L 1988, c 28, pt of §3]