28B.14C.040 - Limitation as to amount of bonds to be issued -- Pledge of state's credit.

Limitation as to amount of bonds to be issued — Pledge of state's credit.

The amount of general obligation refunding bonds issued shall not exceed 1.05 times the amount which, taking into account amounts to be earned from the investment of the proceeds of such issue or issues, is required to pay the principal of, the interest on, premium of, if any, on the revenue bonds to be refunded with the proceeds of the refunding issue or issues.

     Each bond issued pursuant to the provisions of this chapter shall contain a pledge of the state's full faith and credit to the payment of the principal thereof and the interest thereon and the state's unconditional promise to pay said principal and interest as the same shall become due.

[1977 ex.s. c 354 § 4.]