8-11-7. Tax levy for retirement of bonds--Special fund.
97 words·~1 min read·
/sd/title-8/chapter-8-11/8-11-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It shall be the duty of the board of supervisors at or before the issuing of any such bonds to provide by resolution or bylaw for an annual tax sufficient to pay the interest and also the principal thereof, when due, which resolution or bylaw shall be irrepealable until such bonds and interest are fully paid. All taxes so levied, when collected, shall be placed in a special fund and no part thereof shall be used for any other purpose than to pay the interest and principal of the bonds for which they are levied and collected.