§39-19 - Aviation fuel tax, pledge.
§39-19 Aviation fuel tax, pledge.
If at any time the director of finance, with the approval of the governor,
shall issue general obligation bonds for the purpose of refunding aviation
revenue bonds, then so long as any general obligation refunding bonds are
outstanding, the State covenants with the holders of the bonds that it will
levy and collect an aviation fuel tax in an amount at least sufficient to
provide for the payment of the principal and interest thereof, which amounts
are hereby pledged to the payment of that principal and interest. The State
reserves the right to issue subsequent bonds, whether general obligation or
revenue bonds, equally secured by a pledge of the revenues of the aviation fuel
tax. [L 1988, c 28, pt of §3]