§ 37-31-150 — Levy of tax for payment

Colorado § 37-31-150

• Jurisdiction: Colorado
• Title 37: Water and
• Art.: Grand Valley Drainage District

Text

For the half-yearly interest accruing on
such bonds actually issued and delivered, the board of directors of said district
shall levy annually a sufficient tax to fully discharge such interest, and, for the
ultimate redemption of such bonds, they shall levy annually such tax upon all the
taxable property of such district as will create a yearly fund sufficient to pay the
bonds maturing in such year. All taxes for interest on and for the redemption of
such bonds shall be paid in cash only and shall be kept by the district treasurer as a
special fund to be used in payment of interest on, and for the payment of, such
bonds annually, and such tax shall be levied and collected as other taxes. If the
board of directors of the district fails to levy and certify such taxes to the board of
county commissioners of Mesa county, it nevertheless is the duty of such board of
county commissioners to levy such taxes.

Legislative History

Source: L. 23: p. 301, � 52. CSA: C. 57, � 178. CRS 53: � 47-12-52. C.R.S. 1963: � 47-12-52.