§ 32-11-538 — Securities tax levies

(1) There shall be levied annually a special
tax on all taxable property, both real and personal, within the territorial limits of the
district, fully sufficient, without regard to any statutory limitations existing, except
for any notes or warrants, to pay the interest on the general obligation district
securities and to pay and retire the same as provided in this article and any law
supplemental to this article. The amount of money to be raised by such tax shall be
included in the annual estimate or budget for the district for each year for which
such tax is required to be levied by this article. Such tax shall be levied and
collected in the same manner and at the same time as other taxes of the district are
levied and collected.

(2) Subject to the provisions of section 32-11-537, the proceeds of any such
tax levied to pay interest on such securities of any series shall be kept by the
district treasurer in a special account separate and apart from all other funds, and
the proceeds of the tax levied to pay the principal of such securities shall be kept
by the treasurer in a special account separate and apart from all other funds, which
two special accounts shall be used for no other purpose than the payment of the
interest on the securities and the principal thereof, respectively, as the same falls
due.

Legislative History

Source: L. 69: p. 774, � 80. C.R.S. 1963: � 89-21-80.