Opinion ID: 2598794
Heading Depth: 3
Heading Rank: 4

Heading: The NTSC's Issuance of Bonds Is Constitutional.

Text: Assuming that the sale of the tobacco settlement was constitutional, the state argues that the NTSC's bond issue was constitutional. Although Myers asserts in one sentence that the legislature's act effectively circumvented article IX, section 8, which requires voter consent for a general bond issue, he does not develop the point. Accordingly, we consider the issue waived. [30] Even if Myers had not waived the argument, the state is correct that the NTSC issued the bonds within the requirements of the constitution. Although article IX, section 8, provides that the state can contract debt only with ratification by a majority of the voters, [31] article IX, section 11, provides an exception for a state agency to issue revenue bonds secured only by the agency's revenues. [32] Because the NTSC bonds were secured solely by the tobacco settlement revenues, the bonds are expressly permitted under article IX, section 11.