47.10.757 - Additional funds -- Source of funds for payment of bond principal and interest. - Washington Statutes

Additional funds — Source of funds for payment of bond principal and interest.

Any funds required to repay such bonds, or the interest thereon when due, subject to the proviso of this section, shall be taken from that portion of the motor vehicle fund which results from the imposition of excise taxes on motor vehicle fuels and which is or may be appropriated to the department for state highway purposes, and shall never constitute a charge against any allocations of any other such funds to the state, counties, cities, and towns unless and until the amount of the motor vehicle fund arising from the excise taxes on motor vehicle fuels and available to the state for construction of state highways proves insufficient to meet the requirements for bond retirement or interest on any such bonds.

[1984 c 7 § 110; 1967 ex.s. c 7 § 9.]

Notes: Severability -- 1984 c 7: See note following RCW 47.01.141.