(1) The certificate, trust indenture, or other instrument authorizing the issuance of revenue anticipation notes in accordance with the provisions of this part 7 may pledge all or any portion of the proceeds from the issuance of such notes to the payment of such notes and any costs associated with the issuance and administration of such notes. (2) Any proceeds from the issuance of revenue anticipation notes in accordance with the provisions of this part 7 that are not pledged for the payment of such notes and any costs associated with the issuance and administration of such notes shall be credited to the state highway supplementary fund and shall be used to finance qualified federal aid transportation projects, to pay such notes, to pay the costs of issuing and administering such revenue anticipation notes, and to pay any other expense or charge incurred in connection with actions of the executive director authorized by the provisions of this part 7. (3) Any proceeds from the issuance of such notes and any earnings on such proceeds shall not be included in state fiscal year spending, as defined by section 24-77-102 (17)(a), C.R.S., for any given fiscal year for purposes of section 20 of article X of the state constitution and article 77 of title 24, C.R.S.
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