28-7681. Definitions In this article, unless the context otherwise requires: 1. " Excise taxes" means all unrestricted excise, transaction, franchise, privilege and business taxes, state shared sales and income taxes, fees for licenses and permits and state revenue sharing that are validly imposed by a political subdivision or contributed, allocated or paid to the political […]
28-7682. Highway project advancement notes; pledge of excise taxes A. After entering into a highway project advance agreement that has been previously approved by the governing body of the political subdivision and by the transportation board, a political subdivision may issue and sell highway project advancement notes either competitively or by negotiation. B. The principal, […]
28-7683. Limitations A. The aggregate outstanding principal amount of highway project advancement notes issued by a political subdivision and secured by highway project advance revenues shall not be more than the aggregate of all uncollected highway project advance revenues to be received by the political subdivision under highway project advance agreements unless the political subdivision […]
28-7684. Application of revenues; highway project advancement notes fund; payment of notes A. After issuance of highway project advancement notes, revenues the political subdivision receives under the applicable highway project advance agreement shall be collected and, as provided by the political subdivision at the time of authorizing the issuance of the highway project advancement notes, […]
28-7685. Use of proceeds A political subdivision shall use the proceeds from the sale of highway project advancement notes for payment of any of the following: 1. Advances to the department under the highway project advance agreement to which the highway project advancement notes relate. 2. Legal and financial costs and expenses incurred in issuing […]
28-7686. Refunding A political subdivision may issue highway project advancement notes to refund highway project advancement notes previously issued and other obligations if the proceeds of the previously issued highway project advancement notes and other obligations were or are applied to the financing of the advance to which the highway project advance agreement relates.
28-7687. Nature of highway project advancement notes; limited obligation A. Highway project advancement notes issued pursuant to this article are not general obligations of a political subdivision, any public officer or employee of a political subdivision or this state. B. Highway project advancement notes are limited obligations of the issuer of the notes and are […]
