§ 43-4-707 — Note proceeds

(1) The certificate, trust indenture, or other
instrument authorizing the issuance of revenue anticipation notes in accordance
with the provisions of this part 7 may pledge all or any portion of the proceeds from
the issuance of such notes to the payment of such notes and any costs associated
with the issuance and administration of such notes.

(2) Any proceeds from the issuance of revenue anticipation notes in
accordance with the provisions of this part 7 that are not pledged for the payment
of such notes and any costs associated with the issuance and administration of
such notes shall be credited to the state highway supplementary fund and shall be
used to finance qualified federal aid transportation projects, to pay such notes, to
pay the costs of issuing and administering such revenue anticipation notes, and to
pay any other expense or charge incurred in connection with actions of the
executive director authorized by the provisions of this part 7.

(3) Any proceeds from the issuance of such notes and any earnings on such
proceeds shall not be included in state fiscal year spending, as defined by section
24-77-102 (17)(a), C.R.S., for any given fiscal year for purposes of section 20 of
article X of the state constitution and article 77 of title 24, C.R.S.

Legislative History

Source: L. 99: Entire part added, p. 1116, � 1, effective June 2.