§47-12 Pledge of full faith and credit, unlimited taxation to pay principal and interest; satisfaction of judgment.
164 words·~1 min read·
/hi/chapter-47/47-12A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§47-12 Pledge of full faith and credit, unlimited taxation to pay principal and interest; satisfaction of judgment. The full faith and credit of the county shall be pledged to the payment of the principal of and interest on the bonds issued by the county under this chapter, whether or not the pledge is stated in the bonds. For the payment of the principal and interest, the governing body shall levy ad valorem taxes without limitation as to rate or amount on all the real property subject to taxation by the county.
Should any county default in the payment of any judgment secured against the county, upon an action at law for the collection of the principal or interest, or any part of either thereof, of any bond of the county, the director of finance of the county shall thereafter reserve from the general revenues of the county, as soon as received, money sufficient to pay the judgment. [L 1989, c 80, pt of §2]