132.19 Priority of payment of refunding bonds.
78 words·~1 min read·
/fl/title-xi/chapter-132/132-19·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The resolution authorizing the bonds may provide that the unit shall first set aside out of the tax collections the amount required in any year for the payment of principal and interest of refunding bonds and for the sinking fund for the bonds, before any tax collections shall be set aside or applied to the payment of any bonds of the unit that may thereafter be issued, except bonds thereafter issued to pay or refund bonds then outstanding.