15-1029. Rights of bondholder; additional
state tax
A. If the board of supervisors fails to make the levy necessary to pay school
district bonds or interest coupons at maturity and such bonds or coupons are presented to
the county treasurer and payment is refused, the owner may file the bond, together with
all unpaid coupons, with the department of administration, taking his receipt
therefor. Such bonds and coupons shall be registered with the department of
administration.
B. The department of revenue shall add to the tax to be levied by the school
district which issued the bonds a sufficient rate to obtain the amount of principal or
interest past due prior to the next levy. The tax shall be levied and collected as a
part of the school district tax but shall be paid into the state treasury, shall be
passed to the special credit of the school district bond tax and shall, as payments
mature, be paid by warrants to the holder of registered obligations as shown by the
register in the department of administration until such obligations are fully satisfied
and discharged. Any balance then remaining shall be remitted to the general account and
credit of the school district.
|