§ 30-35-606 — Taxes for interest and redemption

The interest accruing on
such funding bonds issued pursuant to the provisions of this part 6 prior to the time
when tax levies are available therefor shall be paid out of the general revenues of
the county. For the purpose of reimbursing such general revenues and for the
payment of subsequently accruing interest, the governing body issuing such
funding bonds, or the proper tax assessing and collecting officers upon whom shall
devolve the duty of levying and collecting county taxes, shall levy annually a
sufficient tax upon all of the taxable property in the county fully to discharge such
interest. For the ultimate redemption of such funding bonds, they shall levy
annually such a tax upon all the taxable property in the county as will create a fund
sufficient to discharge each annual installment of such funding bonds at the
maturity thereof, which fund shall be called the redemption fund. All taxes for
interest on and for the redemption of such bonds shall be paid in cash only and
shall be kept by the county treasurer as a special fund to be used only in payment
of the interest upon and for the redemption of such bonds. Such tax shall be levied
and collected as other county taxes are levied and collected. The tax provisions for
the ultimate redemption of such bonds shall be set forth in the ordinance
authorizing their issue and shall set forth the years in which such taxes shall be
levied for the creation of said redemption fund.

Legislative History

Source: L. 81: Entire article added, p. 1477, � 1, effective June 8.