9-9-106 - Application of pledged revenues.
9-9-106. Application of pledged revenues.
The state treasurer or other appropriate state authority shall pay monthly, to the state funding board, not less than the amount certified by the board as necessary, together with funds on hand derived from all sources, to enable the board to provide for the payment of the principal and interest due in the year upon the obligations issued under the provisions of this chapter and chapter 165 of the Public Acts of 1937, and to pay to the state funding board any additional amounts necessary to enable such board to provide, at maturity, for the payment in full of the interest upon the outstanding bonds of the state described in §§ 4 and 5 of chapter 165 of the Public Acts of 1937. The amount so paid shall be from such fees and taxes as are listed in § 9-9-105, and/or such other fees and taxes as may by law be allocated for this purpose, such proportion to be determined by the state funding board. All such fees and taxes are charged with a lien for the payment of the full amount required by the state funding board and shall be so applied in any event. If the state should be in default in the payment of any debt for which such fees and taxes as are listed in § 9-9-105, and/or such other fees and taxes as may by law be allocated for this purpose may be pledged, then the state treasurer or other appropriate state authority shall pay to the state funding board, out of the first moneys received from such fees and taxes, the amount required for the payment of obligations of the state for which such fees and taxes may be pledged, but all funds paid to the state funding board by the state treasurer or other appropriate authority shall be paid through the office of the state treasurer, who shall make and preserve a record of such payment. Whenever there shall have been paid into the hands of the state funding board the amount certified by it as necessary to meet the monthly requirements of such board, as evidenced by maturing debt retirement certificates, the remainder of the revenue pledged and accruing during such month may be applied to such other purposes as may be provided by law.
[Acts 1937, ch. 165, § 8 (Williams, § 1811.19); impl. am. Acts 1949, ch. 52, § 1; modified; impl. am. Acts 1959, ch. 9, § 8; Acts 1973, ch. 336, § 1; T.C.A. (orig. ed.), § 9-907.]