§ 23-71-519 — Bond fund - payment and redemption

(1) Such taxes shall be
collected in the same manner as district taxes and when collected shall be placed
by the county treasurer in the bond redemption fund of said district. The moneys in
said fund shall be used only for payment of interest upon and for the redemption of
such bonds, upon orders signed and countersigned in the manner provided by law
for the execution of other district orders; but the board of trustees of said district
may withdraw any or all of such moneys credited to said fund which are temporarily
not needed to satisfy the obligations of bonded indebtedness, for the purpose of
depositing or investing such moneys in the manner prescribed by law.

(2) Redemption of said bonds prior to the respective maturities thereof may
be made in either direct or inverse numerical order as determined by the board of
trustees in the resolution authorizing the issuance of said bonds and set forth on
the face of said bonds. Notice of the redemption of said bonds, prior to maturity,
shall be made in the manner prescribed in said bond resolution. In the absence of
such prescribed manner in the bond resolution, a redemption prior to maturity shall
be made in the following manner: When authorized by the board of trustees, the
treasurer of said board shall advertise in some newspaper published in the district
once a week for two consecutive weeks that on a certain day, named in said
advertisement, not less than four weeks after the time of the first publication
thereof, he will redeem certain of said bonds therein described by number, amount,
and date of issue thereof and that the principal, interest to redemption date, and
redemption premium, if any, of said bonds will be paid in accordance with the bond
resolution authorizing such bonds. The notice shall indicate also that, after the day
so fixed for redemption, the interest on the bonds shall cease. After the day of
redemption so fixed in said notice the bonds so advertised and called to be
redeemed shall cease to draw interest.

(3) If the bonds are made payable at the office of the county treasurer, any
redemption of such bonds shall also be made at the office of the county treasurer
of the county, who shall make a notation of such payment or redemption upon his
books.

(4) If the bonds are made payable at some place other than the office of the
county treasurer, such bonds shall be redeemable at the place where payable, and
the treasurer of the board of trustees shall, immediately after the payment or
redemption, inform the county treasurer that certain bonds, describing them by
number, amount, and date of issue, have been paid or redeemed and canceled, and
said county treasurer shall make a record of such payment or redemption upon his
books.

(5) In all cases bonds when paid or redeemed shall be canceled by the
treasurer of the board of trustees and preserved by him and his successors for a
period of one year after the date of their payment or redemption.

Legislative History

Source: L. 75: Entire article added, p. 773, � 1, effective July 1. L. 86: (1), (2), (4), and (5) amended, p. 865, � 56, effective July 1.