50-23-19
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50-23-19.
Nothing
contained in this article shall permit the authority to issue bonds or revenue
bonds at any time when the sum of:
(1)
The highest aggregate annual debt service requirements for the then current
fiscal year or any subsequent fiscal year for outstanding authority bonds or
revenue bonds, including the proposed bonds or revenue bonds; and
(2)
The highest annual debt service requirements for the then current fiscal year or
any subsequent fiscal year on general obligation debt of the state issued for
authority projects
exceeds
1 percent of the total revenue receipts, less refunds, of the state treasury in
the fiscal year immediately preceding the year in which any such bond or revenue
bond is to be issued.