A. The money in the severance tax bonding fund is first pledged for the payment of principal and interest on all severance tax bonds issued after the enactment of the Severance Tax Bonding Act.
B. The money in the severance tax bonding fund is second pledged, on a basis subordinate to any severance tax bonds then or thereafter outstanding, for the payment of principal and interest on all supplemental severance tax bonds issued after the enactment of the Severance Tax Bonding Act.
History: 1953 Comp., § 72-18-31, enacted by Laws 1961, ch. 5, § 4; 1999 (1st S.S.), ch. 6, § 1.
ANNOTATIONSThe 1999 amendment, effective July 1, 1999, deleted the former first sentence, relating to the first pledging of the severance tax bonding fund moneys, added the Subsection A designation, substituted "first" for "further" and made a minor stylistic change, and added Subsection B.