§ 14-163-209 — Bonds - Amount - Pledge and application of revenues

(a) Bonds may be issued from time to time, and each issue shall be in the principal amount sufficient, together with other funds then available, for the accomplishment of the particular purpose for which the bonds are voted, including, without limitation: (1) All costs and expenditures incurred in connection with the accomplishment of the particular purpose or purposes; (2) All costs and expenditures incurred in connection with the issuance of the bonds; (3) The amount necessary for a reserve, if deemed desirable by the governing body; (4) The amount necessary to provide for debt service on the bonds until tax proceeds or other revenues are received in sufficient amounts for their payment as they become due and payable; and (5) Any other costs necessarily incidental thereto. (b) In this regard, if the particular purpose or purposes to be accomplished, in whole or in part, out of the proceeds of the bonds will be revenue producing, any available revenues may be pledged and applied to the payment of the principal of and interest on the bonds, and provision may be made for the suspension of the collection of all or part of the special continuing annual tax voted for the payment of the principal of and interest on the bonds, upon such terms and conditions as shall be specified by the governing body in the ordinance authorizing and directing the issuance of the bonds.

Legislative History

Acts 1963, No. 206, § 7; 1970 (Ex. Sess.), No. 60, §§ 1, 2; 1975, No. 225, § 4; 1981, No. 425, § 4; A.S.A. 1947, § 19-3107.