Section 11-11-1 Definitions. Where used in this chapter, unless the context clearly indicates otherwise, the following words and phrases shall have the following respective meanings: (1) COUNTY. Each county subject to the provisions of this chapter. (2) COUNTY’S SHARE OF THE HIGHWAY GASOLINE TAX. With respect to each county, that portion of the highway gasoline […]
Section 11-11-2 Counties to which chapter applicable. The provisions of this chapter shall apply only to each county in this state during each fiscal year of the county next succeeding a fiscal year during which the county collected as much as or more than $40,000.00 from the special ad valorem tax at a rate not […]
Section 11-11-3 Authority for issuance; form, terms, denominations, retirement, etc.; security for payment of principal and interest on warrants generally. The county commission of each such county, in addition to all other powers which it may now have, is hereby empowered from time to time to authorize, sell and issue interest-bearing warrants of the county […]
Section 11-11-4 Assignment and pledge of proceeds of share of highway gasoline tax for payment of principal and interest. As security for the payment of the principal of and interest on warrants issued under the provisions of this chapter, the issuing county is authorized to assign and pledge for the benefit of the holders of […]
Section 11-11-5 Disposition of proceeds from sale of warrants. The proceeds derived from the sale of warrants issued under the provisions of this chapter, other than refunding warrants, shall be used for the construction, surfacing, resurfacing, grading and draining of roads, streets, bridges and causeways in the county issuing the same and for payment of […]
Section 11-11-6 Issuance of refunding warrants. Any such county may from time to time sell and issue refunding warrants for the purpose of refunding the principal of outstanding warrants of that county, the interest accrued to the date of the refunding on the outstanding warrants to be refunded and any premium necessary to redeem the […]
Section 11-11-7 Warrants to be issued under chapter only by counties subject thereto; issuance of warrants by counties not subject to chapter. No county shall, in any fiscal year during which it is within the classification of counties specified in Section 11-11-2, issue any warrants in anticipation of the county’s share of the highway gasoline […]
Section 11-11-8 Exemption from usury and interest statutes. Any warrants issued by a county under the provisions of this chapter in anticipation of and payable solely out of that portion of the highway gasoline tax required by law to be distributed to counties which are subject to the provisions of this chapter are hereby exempted […]
