§ 37-7-122 — County treasurer to collect taxes; interest coupons or bonds of district authorized for payment of district bond taxes; duty of county commissioners as to unpaid taxes

It shall be the duty of the county treasurer of each county in
which any power district is located in whole or in part to
collect and receipt for all taxes levied as herein provided in
the same manner as is required in the receipt for and collection
of taxes upon real estate for county purposes. The county
treasurer in case of taxes heretofore or hereafter levied as
herein provided shall receive in payment of the district bond
taxes above mentioned for the year in which said taxes were
levied, interest coupons or bonds of said power districts
maturing within said year the same as so much lawful money in
the United States. Provided, however, that in the case of the
nonpayment of any taxes which have heretofore or may hereafter
be levied as above provided, the board of county commissioners
upon application made shall have the power and it shall be their
duty, upon written request of the board of such power district,
to order the said treasurer to receive in full payment of the
bond fund portion of said taxes the principal amount of said
taxes levied, payable in bonds or bond interest coupons of said
power district at their face value, and maturing within the year
in which said tax levies were made, as so much lawful money of
the United States.