Section 23-1-63
Limitation of obligations, etc., outstanding or authorized on inauguration date of incoming Governor.
The Director of Transportation shall not, on the inauguration date of an incoming Governor, have outstanding obligations, encumbrances, or commitments or shall have authorized the obligating, encumbering, or committing of, except for debt service, any more than seven twenty-fourths of the total estimated revenue available to the State Department of Transportation for the first fiscal year of an incoming state administration.
(Acts 1951, No. 609, p. 1053.)