31-18-13 - Initial date variable rate debt instruments.
§ 31-18-13. Initial date variable rate debt instruments.
(1) As of the initial date of each issuance of variable rate debt instruments, the total of the principal and notional amounts of such variable rate debt instruments outstanding and in effect shall not exceed an amount equal to twenty percent (20%) of the total principal amount of state-supported debt outstanding.
(2) The limitation contained in subsection (1) of this section shall not include any excluded agreements.
Sources: Laws, 2003, ch. 522, § 58 eff from and after July 1, 2004