Section 2.
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Trunk Highway Fund
There is hereby created a trunk highway fund which shall be used solely for the purposes specified in section 2 of this article and the payment of principal and interest of any bonds which may be issued under the authority of section 12 of this article and any bonds issued for trunk highway purposes under the constitution prior to July 1, 1957. All payments of principal and interest on any such bonds issued shall be a first charge on moneys coming into this fund during the year in which such principal or interest is payable. The fund created by this section shall also be used for the carrying on of work undertaken and the discharge of obligations incurred, payable out of or chargeable to the trunk highway fund or the trunk highway sinking fund constituted and established by the constitution prior to July 1, 1957, and all moneys in said funds on the effective date of this article are hereby transferred to the fund created by this section.
There is hereby created a fund which shall be known as the trunk highway sinking fund. Said fund shall consist of the proceeds of any tax imposed on motor vehicles as herein authorized. The moneys in said fund shall be used for the payment of the principal and interest of any bonds which may be issued under the authority of this article; and any moneys in excess of such requirements shall be transferred to a fund which is hereby created and which shall be known as the trunk highway fund. The trunk highway fund shall be used solely for the purposes specified in section 1 of this article, and when duly authorized by legislative enactment to reimburse any county for the money expended by it subsequent to February 1st, 1919, in permanently improving any road hereinbefore specifically described, in accordance with plans and specifications therefore approved by the commissioner of highways.