The maximum annual debt service on bonds issued pursuant to subsection (A) of Section 11-41-50 must not exceed one-half of one percent of the general revenues for the fiscal year next preceding, excluding revenues which are authorized to be pledged for state highway bonds and state institution bonds. Bonds issued pursuant to subsection (B) of Section 11-41-50 shall not be subject to the limitation on maximum annual debt service prescribed by Section 13(6)(c), Article X of the Constitution of this State, 1895.

HISTORY: 2002 Act No. 254, Section 1; 2009 Act No. 124, Section 5.C.