§ 2-636. Pledge of gas taxes.

(a)

The county may pledge the proceeds of the seventh cent gas tax and/or the ninth cent gas tax, as defined herein, or portions thereof, as security for the payment of the principal of and interest on any bonds issued hereunder, or for reserves for such debt service.

(b)

In the event of the pledge of such seventh cent gas tax and/or ninth cent gas tax, as provided herein, such pledge shall be and constitute a valid and legally binding contract between the county and the holders of such bonds as the case may be, and the county shall be obligated to continue to receive and apply said gas taxes, or either or a portion thereof, in accordance with the proceedings which authorized the issuance of the bonds for which said gas taxes are so pledged as security as long as any of said bonds are outstanding and unpaid. The county shall likewise be obligated to collect and apply all revenues, if any, derived from said project in accordance with proceedings authorizing the issuance of said bonds.

(Ord. No. 80-51, § 6)