§ 40-27-12 — Rights of warrantholders or bondholders to be preserved - Tax levy for deficiency - When levied

deficiency - When levied.
A municipality issuing refunding special assessment warrants or bonds shall preserve and
enforce, for the security of the refunding warrants or bonds, all of the rights and duties which
constituted security for the refunded warrants or bonds. At the date of the maturity of the last
maturing warrant or bond of the original issue, the governing body shall levy a tax for the
payment of any deficiency in the special improvement fund against which the refunded special
assessment warrants or bonds were drawn. Such tax may be made payable in the years and in
the amounts required to pay the principal of and interest on the refunding warrants or bonds as
the same becomes due.