130.23 Time warrants in newly created counties; payment of interest and creation of sinking fund.
119 words·~1 min read·
/fl/title-xi/chapter-130/130-23A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of county commissioners of each county issuing such interest-bearing time warrants may pay from the general revenue fund of such county each year the accrued interest on such interest-bearing time warrants to the holders thereof, and they shall set aside from the general revenue fund of such county such sum each year as a sinking fund, which together with accrued interest thereon will be sufficient to pay at least one-fifth of the amount due and required to pay off the said warrants at the end of the said 5-year period, thereby creating a sinking fund during the said period of 5 years sufficient to pay off the entire obligation at the end of the said 5-year period.