6:13-b Highway Fund. –
When it is anticipated that there will not be sufficient highway funds in the treasury for the payment of obligations, the treasurer under the direction of the governor and council is authorized to borrow on the state's credit for a period of not more than one year, at the lowest net interest cost to the state, such sums as may be necessary, provided that at no time shall the indebtedness of the state pursuant to the authority granted by this section exceed the sum of $15,000,000. The short term loans authorized hereunder shall be repaid from highway income or from federal reimbursement for highway purposes.
Source. 1971, 353:2. 1973, 144:3, eff. July 21, 1973.