Section 7-6-1111 - Gross proceeds and short-term obligations - security(1) Gross proceeds obligations are not general obligations of the local government and are collectible only from the collection of coal gross proceeds taxes, interest, and penalties pursuant to 15-23-708.(2) Short-term obligations are general obligations of the local government and must be secured by the taxes and revenues in anticipation of which the short-term obligations were issued and in such other manner as set forth in the ordinance authorizing their issuance.Amended by Laws 2021, Ch. 145,Sec. 7, eff. 4/8/2021, applicable: (1) retroactively, within the meaning of 1-2-109, to installment payments of delinquent coal gross proceeds taxes, interest, and penalties that were due on or before 4/8/2021; and (2) to installment payments of delinquent coal gross proceeds taxes, interest, and penalties due after 4/8/2021..En. Sec. 5, Ch. 481, L. 1985.