15-1029. Rights of bondholder; additional state tax
A. If the board of supervisors fails to make the levy necessary to pay school district bonds or interest coupons at maturity and such bonds or coupons are presented to the county treasurer and payment is refused, the owner may file the bond, together with all unpaid coupons, with the department of administration, taking his receipt therefor. Such bonds and coupons shall be registered with the department of administration.
B. The department of revenue shall add to the tax to be levied by the school district which issued the bonds a sufficient rate to obtain the amount of principal or interest past due prior to the next levy. The tax shall be levied and collected as a part of the school district tax but shall be paid into the state treasury, shall be passed to the special credit of the school district bond tax and shall, as payments mature, be paid by warrants to the holder of registered obligations as shown by the register in the department of administration until such obligations are fully satisfied and discharged. Any balance then remaining shall be remitted to the general account and credit of the school district.
Section: Previous 15-1022 15-1023 15-1023.01 15-1024 15-1025 15-1027 15-1028 15-1029 15-1030 15-1031 15-1032 15-1033 15-1041 15-1042 15-1043 NextLast modified: October 13, 2016