35-474. Levy of tax for payment of bonds
The board of supervisors, on behalf of the county or a school district therein, or the governing body or board of a municipal corporation, which has issued refunding bonds shall, during each year in which the bonds are outstanding, levy a tax on all property in the political subdivision for which the bonds are issued, sufficient to pay the annual interest on all bonds then outstanding and the annual installment of the principal thereof becoming due and payable in the next ensuing year. The annual levy for both the principal and interest payment, including a reasonable tax delinquency factor, shall not exceed the net amount necessary to meet the annual payment and the reasonable delinquency factor, including an amount necessary to correct prior year errors in the levy, if applicable, and any expenses and fees required in conjunction with the authorization pursuant to section 35-512. Such taxes shall be levied, assessed and collected at the same time and in the same manner as other taxes are levied, assessed and collected. The proceeds of the taxes shall be kept in a special fund and shall be used only for the purpose for which collected.
Section: Previous 35-468.05 35-468.06 35-468.07 35-471 35-472 35-473 35-473.01 35-474 35-475 35-481 35-482 35-483 35-491 35-492 35-493 NextLast modified: October 13, 2016