A.There shall be levied annually upon the taxable property in this state, in addition to other levies, an amount sufficient to pay the interest on all bonds issued under the provisions of this article, to be placed in the state treasury in the interest fund. Each year after such bonds have been issued, an additional amount shall be levied annually sufficient to pay four per cent of the total amount issued, until all the bonds are paid and discharged, and the amount shall be placed in the state redemption fund as collected.
B.The director of the department of administration shall determine the rate of tax to be levied for the purpose provided in subsection A in the different counties in the state and certify the rate to the boards of supervisors in each county. The boards of supervisors
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A. There shall be levied annually upon the taxable property in this state, in addition to other levies, an amount sufficient to pay the interest on all bonds issued under the provisions of this article, to be placed in the state treasury in the interest fund. Each year after such bonds have been issued, an additional amount shall be levied annually sufficient to pay four per cent of the total amount issued, until all the bonds are paid and discharged, and the amount shall be placed in the state redemption fund as collected.
B. The director of the department of administration shall determine the rate of tax to be levied for the purpose provided in subsection A in the different counties in the state and certify the rate to the boards of supervisors in each county. The boards of supervisors shall enter such rate on the assessment rolls as other taxes. If any county is or becomes delinquent in the payment of such taxes, the board of supervisors shall, before the next levy, prorate such delinquencies and make such additional levy, in addition to the current annual rate certified to it by the director of the department of administration necessary to pay the interest and principal of such bonds on maturity. The director of the department of administration may reconvene the board of supervisors for the purpose of entering such rate or additional rate or levy or additional levy as the director certifies. The county, district or municipal treasurer shall, on or before June 1 each year, pay to the state treasurer the total amount so certified to the board of supervisors, whether or not the whole amount has been collected.
C. The money derived from such taxes shall be paid into the state treasury and shall be applied, first, to the payment of the interest on the bonds issued under this article and, second, to the payment of the principal of such bonds. Whenever sufficient funds accrue to the credit of the state, the loan commissioners may direct the state treasurer to call such bonds for payment, if the call is optional.
D. Any interest earned by monies in the redemption fund shall be credited to the state, county, district or municipality in proportion to the amount paid into the fund by the state, or such county, district or municipality.
E. Any money remaining in the interest fund after payment of interest, and any money remaining in the redemption fund after all of the bonds have been paid and discharged, shall be returned by the treasurer to the county, district or municipality remitting such money.
F. If the board of supervisors refuses or omits to enter and levy the rate of tax as certified to it by the joint legislative tax committee or the director of the department of administration, or refuses or omits to do any act required by this article, the members thereof are guilty of nonfeasance in office and are individually liable on their bonds for the total amount so omitted, and the attorney general, upon being informed of such refusal, shall commence an action against such officials and their sureties.