A. The legislature shall provide for the continued assessment, levy, collection and deposit into the severance tax bonding fund of the tax or taxes upon natural resource products severed and saved from the soil of the state that, together with such other income as may be deposited to the fund, will be sufficient to produce an amount that is at least the amount necessary to meet annual debt service charges on all outstanding severance tax bonds and supplemental severance tax bonds.

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B. Except as otherwise specifically provided by law, the state board of finance shall issue no severance tax bonds unless the aggregate amount of severance tax bonds outstanding, and including the issue proposed, can be serviced with not more than the following percentages of the annual deposits into the severance tax bonding fund, as determined by the lesser of the deposits during the preceding fiscal year or the deposits during the current fiscal year as estimated by the division:

(1)     for fiscal year 2016, forty-nine and four-tenths percent; (2)     for fiscal year 2017, forty-eight and eight-tenths percent;

(3)     for fiscal year 2018, forty-eight and two-tenths percent; and

(4)     for fiscal year 2019 and subsequent fiscal years, forty-seven and six- tenths percent.

C. The state board of finance shall issue no supplemental severance tax bonds with a term that extends beyond the fiscal year in which the bonds are issued unless the aggregate amount of severance tax bonds and supplemental severance tax bonds outstanding, and including the issue proposed, can be serviced with not more than the following percentages of the annual deposits into the severance tax bonding fund, as determined by the lesser of the deposits during the preceding fiscal year or the deposits during the current fiscal year as estimated by the division:

(1)     for fiscal year 2016, sixty-one and nine-tenths percent; (2)     for fiscal year 2017, sixty-one and three-tenths percent; (3)     for fiscal year 2018, sixty and seven-tenths percent; and

(4)     for fiscal year 2019 and subsequent fiscal years, sixty and one-tenth percent.

D. Except as otherwise specifically provided by law, the state board of finance may issue supplemental severance tax bonds with a term that does not extend beyond the fiscal year in which they are issued if the debt service on such supplemental severance tax bonds when added to the debt service previously paid or scheduled to be paid during that fiscal year on severance tax bonds and supplemental severance tax bonds does not exceed the following percentages of the lesser of the deposits into the severance tax bonding fund during the preceding fiscal year or the deposits into the severance tax bonding fund during the current fiscal year as estimated by the division:

(1)     for fiscal year 2016, ninety-four and four-tenths percent; (2)     for fiscal year 2017, ninety-three and eight-tenths percent; (3)     for fiscal year 2018, ninety-three and two-tenths percent;

(4)     for fiscal year 2019, ninety-one percent;

(5)     for fiscal year 2020, eighty-nine and four-tenths percent;

(6)     for fiscal year 2021, eighty-seven and eight-tenths percent; and

(7)     for fiscal year 2022 and subsequent fiscal years, eighty-six and two-tenths percent.

E. The provisions of this section shall not be modified by the terms of any severance tax bonds or supplemental severance tax bonds hereafter issued.

F. For the purposes of this section, “division” means the board of finance division of the department of finance and administration.