15-1022. Tax levy for bonds; administration
and disposition of tax; cancellation of paid bonds
A. The board of supervisors, at the time of making the levy of taxes for county
purposes, shall levy a tax for the year upon the taxable property in a school district or
former school district canceled by election, which has outstanding school bonds for the
interest and redemption of the bonds. The tax shall not be less than sufficient to pay
the interest of the bonds for the year and the portion of the principal of the bonds
becoming due during the year and in any event shall be enough to raise, annually, for the
first half of the term of the bonds a sufficient amount to pay the interest thereon, and
during the remainder of the term enough to pay the annual interest and to pay, annually,
a portion of the principal of the bonds equal to an amount produced by taking the whole
amount of bonds outstanding and dividing it by the number of years the bonds then have to
run.
B. All monies, when collected, shall be paid into the county treasury to the credit
of the debt service fund of the school district and shall be used only for payment of
principal and interest on the bonds. The county treasurer shall keep the debt service
fund separate from all other funds in the county treasury. The principal and interest on
the bonds shall be paid by the county treasurer from the fund provided therefor.
C. The county treasurer or the treasurer's designated agent shall cancel all bonds
and coupons when paid.
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