§ 29-15-107 — Payment of tax anticipation notes

All ad valorem taxes on real
and personal property, investment, proceeds on the ad valorem taxes, or the
proceeds from tax anticipation notes received by the public body after the issuance
of the tax anticipation notes, except taxes collected for retirement of existing debt,
shall be paid into a special fund to be known as the tax anticipation note principal
and interest redemption fund until such time as the moneys in such fund are
sufficient to pay when due the principal of and the premiums, if any, and interest on
the tax anticipation notes. All moneys in such fund not in excess of the amount
required for such purpose shall be used to pay the principal of and the premiums, if
any, and interest on the tax anticipation notes and shall be used for no other
purpose.

Legislative History

Source: L. 85: Entire article added, p. 1055, � 1, effective June 6.