47.26.423  <<  47.26.424 >>   47.26.425

BondsStatement describing nature of obligationPledge of excise taxes.

The first authorization bonds, series II bonds, and series III bonds must distinctly state that they are a general obligation of the state of Washington, must pledge the full faith and credit of the state to the payment of the principal thereof and the interest thereon, and must contain an unconditional promise to pay such principal and interest as the same becomes due. The principal and interest on such bonds must be first payable in the manner provided in RCW 47.26.420 through 47.26.427, 47.26.425, and 47.26.4254 from the proceeds of state excise taxes on motor vehicle and special fuels imposed by chapter 82.38 RCW. The proceeds of such excise taxes are hereby pledged to the payment of any such bonds and the interest thereon, and the legislature hereby agrees to continue to impose the same excise taxes on motor vehicle and special fuels in amounts sufficient to pay, when due, the principal and interest on all such bonds.

NOTES:

Effective date2013 c 225: See note following RCW 82.38.010.
Effective date1981 c 315: See note following RCW 47.26.190.
Construction1979 c 5: See note following RCW 47.26.420.
Effective dates1977 ex.s. c 317: See note following RCW 82.38.030.
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