A. The state transportation commission may determine that interest or necessity demands the issuance of revenue bonds to finance the development and construction of transportation systems and may by resolution make and issue revenue bonds that shall be known as "transportation bonds". The bonds shall be payable solely out of the net income to be derived from the operation of the project, and the commission shall pledge irrevocably such income to the payment of those bonds. The bonds shall not become a general obligation of the state or a political subdivision of the state.
B. The proceeds from the sale of transportation bonds shall be used solely for the purpose for which the bonds were issued.
C. Transportation bonds shall not be issued pursuant to this section unless the state board of finance approves the issuance of the bonds, the principal amount of the bonds and the maximum net effective interest rate on the bonds.
History: Laws 1997, ch. 52, § 2; 2003, ch. 142, § 69.
The 2003 amendment, effective July 1, 2003, substituted "state transportation commission" for "state highway commission".
Effective dates. — Laws 1997, ch. 52, § 10 makes the act effective July 1, 1997.
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