9-22-14. Tax levy to retire bonds held by debt service fund.
58 words·~1 min read·
/sd/title-9/chapter-9-22/9-22-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a municipal debt service fund is invested in other bonds of such municipality, there shall be a levy of a tax upon the taxable property of such municipality of sufficient amount to pay the interest and also the principal thereof when due, and such tax when collected shall be returned to the respective fund for that purpose.