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Title XV LANDS, LEVEES, DRAINAGE, SEWERS AND PUBLIC WATER SUPPLY

Chapter 247

previous next Effective - 28 Aug 1949bottom

  247.490.  Rate to be sufficient to pay principal and interest on bonds. — The board in certifying annual levies as herein provided shall take into account, in addition to the amounts necessary for general purposes as herein provided, the maturing indebtedness for the ensuing year as provided in its bonds and the interest on bonds, and deficiencies and defaults of prior years, and shall make ample provision for the payment thereof.  In case the moneys produced from such levies, together with other revenues of the district are not sufficient to pay punctually the annual installments on its bonds and the interest thereon, and to pay any defaults and deficiencies, then the board shall provide for such additional levying of taxes as may be necessary to pay for all such, and notwithstanding any limitations, such taxes shall be continued to be levied until the indebtedness of the district shall be fully and currently paid.

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(L. 1949 p. 350 § 26)


---- end of effective   28 Aug 1949 ----

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