§ 16-5-116 — Financing; annual property tax; other funds

Wyoming § 16-5-116

• Jurisdiction: Wyoming
• Title 16: City, County, State and Local Powers
• Ch. 5: PUBLIC SECURITIES
• Art. 1: REFUNDING

Text

The governing body shall cause to be levied annually, without
limitation of rate or amount, upon all taxable property of the
issuer, in addition to other authorized taxes, a sufficient sum
to pay the principal of and interest on the refunding public
securities until the refunding public securities issued pursuant
to this act are fully paid. The governing body may apply any
other funds that are in the treasury of the issuer and available
for payment of the interest or principal as it respectively
matures, and the levy or levies provided for may be diminished.
Should the tax for the payment of the principal and interest on
any refunding public security at any time not be levied or
collected in time to meet the payment, or if the refunding
public securities are issued at a time which makes it impossible
to levy a tax for the initial installments of principal or
interest, the principal or interest so maturing shall be paid
out of the general fund of the issuer, or from any other funds
available for that purpose. For the purpose of reimbursing the
fund or funds the money so used may be repaid from the first
monies collected from taxes thereafter levied. The full faith
and credit of the issuer shall be pledged for the punctual
payment of the principal and interest on the refunding public
securities. If the public securities to be refunded and the
interest accruing would have been paid from taxes levied upon
only part of the taxable property within the boundaries of the
issuer, the taxes levied for payment or redemption of the
refunding public securities, and the interest accruing shall be
levied in the same manner and upon only the same taxable
property as would have been levied for the payment of the public
securities to be refunded if no refunding of the public
securities had been accomplished. Any tax levied to retire any
refunding public security issued by a hospital district is
subject to the limitations set forth in W.S. 35-2-414, provided
any refunding securities issued under this act to refund local
improvement bonds shall be payable solely from and secured by
the pledge of special assessments under W.S. 15-6-401 through