§ 9-4-904 — Tax levy to pay principal and interest

The state board of equalization shall, each year at the time of
making the annual levy for state purposes, direct the boards of
county commissioners of the several counties of the state to
levy upon all taxable property therein a tax, which, with other
funds available for the purpose, is sufficient to pay the
principal of and the interest on refunding bonds as the bonds
respectively become due and payable. The tax shall be payable in
cash, and when paid shall be remitted to the state treasurer to
be credited to the debt service fund for the purpose of paying
the principal of and the interest on the refunding bonds.